If no agreement is reached by that date, the UK will leave the single market on 1 January 2021 without a trade agreement. A non-binding political declaration on the future relationship between the EU and the UK is closely linked to the Withdrawal Agreement. NOTING that the withdrawal of the United Kingdom from the Union therefore poses significant challenges for the maintenance and development of North-South cooperation, this paragraph shall apply unless an agreement referred to in Article 184 replacing this paragraph enters into force or becomes applicable. parts of another agreement between the Union and the United Kingdom under the conditions laid down in that agreement. Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community2019/C 384 I/01 The implementation of a post-EIB withdrawal growth strategy does not fall within the scope of this Article. RECALLING the commitments expressed in the joint report of the negotiators of the European Union and the Government of the United Kingdom on the state of play of Phase 1 of the negotiations under Article 50 TEU on the orderly withdrawal of the United Kingdom from the European Union of 8 December 2017, 2. Where the Union and the United Kingdom reach an agreement on their future relationship in the areas of the common foreign and security policy and the common security and defence policy which becomes applicable during the transitional period, Chapter 2 of Title V of the Treaty on European Union and the acts adopted on the basis of those provisions shall cease to apply to the United Kingdom from the date of application of this Agreement. The agreement also provides for a transitional period, which lasts until 31 December 2020 and can be extended once by mutual agreement. During the transition period, EU law will continue to apply to the UK (including participation in the European Economic Area, the Single Market and the Customs Union) and the UK will continue to contribute to the EU budget, but the UK will not be represented in EU decision-making bodies. The transition period will give businesses time to adjust to the new situation and give THE UK and EU governments time to negotiate a new EU-UK trade deal. [17] [18] The Exchange of Letters of 30 March and 19 April 1977, as amended by an Exchange of Letters of 8 November 1989 and 10 January 1990, concerning the Agreement on the waiver of the costs of benefits in kind, administrative checks and medical examinations, international agreements to which the Union is a party and those of the Member States, international agreements concluded on behalf of the Union; 4. Notwithstanding paragraph 3, during the transition period, the United Kingdom may negotiate, sign and ratify international agreements concluded in its own capacity in areas falling within the exclusive competence of the Union, provided that such agreements do not enter into force or apply during the transition period, unless the Union has authorised it.

The United Kingdom shall retain its share of the amounts recovered under Member States` guarantees and the balance of its Member State`s revenue and expenditure account. The share of the United Kingdom referred to in this subparagraph shall be proportionate to its respective participation in each guarantee agreement. The agreement covers issues such as money, civil rights, border regulations and dispute settlement. It also includes a transition period and an overview of the future relationship between the UK and the EU. It was published on 14 November 2018 and was the result of the Brexit negotiations. The agreement was approved by the heads of state and government of the remaining 27 EU countries[9] and the British government of Prime Minister Theresa May, but met with resistance in the British Parliament, whose approval was required for ratification. The consent of the European Parliament would also have been required. On 15 January 2019, the House of Commons rejected the Withdrawal Agreement by 432 votes to 202. [10] The House of Commons again rejected the agreement on March 12, 2019 by 391 votes to 242[11] and rejected it a third time on March 29, 2019 by 344 votes to 286. .