Brexit has been a hot topic since the referendum in 2016, and finally, after numerous negotiations, a withdrawal agreement has been reached. The agreement is a complex legal document, but here is a summary of the key points of the Brexit withdrawal agreement.
Transition Period
The transition period will last from the 31st of January 2020 until the 31st of December 2020. During this time, the UK will continue to follow EU rules and regulations, including freedom of movement. This period can be extended once for up to two years if both the EU and the UK agree.
Citizens’ Rights
EU citizens living in the UK and UK citizens living in the EU before the end of the transition period will keep their rights to live, work, and study in their respective countries. They will also be able to bring family members to live with them.
Divorce Bill
The UK will pay a “divorce bill” to the EU, estimated to be around £39 billion. This sum includes the UK’s share of EU budgets until 2020, pension contributions for EU officials, and other financial commitments.
Irish Border
The Irish border has been a key point of contention and negotiations. The withdrawal agreement includes a “backstop” to ensure that there is no hard border between Northern Ireland and the Republic of Ireland. This means that Northern Ireland will continue to follow EU rules and regulations for goods, and there will be no tariffs or checks on the border.
Trade
The withdrawal agreement includes a political declaration on the future relationship between the UK and the EU. This document outlines the goals of both parties for a future trade deal. Negotiations on a trade deal will begin as soon as the UK leaves the EU, but it’s unclear how long this process will take.
Conclusion
While the withdrawal agreement is not a perfect solution for either side, it offers a framework for the UK’s departure from the EU. It’s important to note that this is just the first step in a long process, and negotiations will continue for years to come. Only time will tell how Brexit will ultimately impact the UK and the EU.