Divorce agreed: Key points in the EU-UK Brexit agreement
The European Union has formally agreed on a divorce agreement with Britain, the first country ever to leave the 28-nation bloc. The deal consists of a legally binding withdrawal agreement that runs more than 580 pages, and a 26-page political declaration on future relations.
SOME KEY POINTS: WITHDRAWAL AGREEMENT Transition period:
Britain will leave the EU on March 29 but remain inside the bloc’s single market and be bound by its rules until the end of December 2020, while the two sides work out a new trade relationship. The transition period can be extended for up to two years before July 1, 2020 if both parties decide more time is needed.
The deal commits the two sides to a “backstop” solution to guarantee the border between EU member Ireland and the UK’s Northern Ireland remains free of customs posts or other obstacles. It keeps the UK in a customs arrangement with the EU, and will last until superseded by permanent new trade arrangements.
Britain agrees to pay about £39 billion ($50 billion; Dh183.42 billion) to cover contributions to staff pensions and commitments to EU programmes the UK made while a member for the funding period that runs to 2020.
Irish border: Divorce bill: POLITICAL DECLARATION
The two sides commit to partnership across trade and economic cooperation, foreign policy, security and defence and wider areas.
The UK “will consider aligning with Union rules in relevant areas” to ensure a friction-free economic relationship. But the document acknowledges that closeness will be limited by the EU’s need to protect the integrity of its single market.
The two sides should explore whether they can declare the other’s regulatory regimes “equivalent” in order to facilitate cross-border financial services. They should aim to conclude their assessments by the end of June 2020.
Citizens of the UK and the EU will not need visas for short visits.
Trade: Financial services: Travel:
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