The agreement also provides for a transitional period, which will last until 31 December 2020 and can be extended by mutual agreement. During the transitional period, EU legislation will continue to apply to the UK (including participation in the European Economic Area, the internal 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 adapt to the new situation and the new era, so that the British and European governments can negotiate a new trade agreement between the EU and the UK.   The most important elements of the draft agreement are: The consequences go beyond Brexit: why would anyone want to conclude a trade deal or a deal when Britain is not a reliable partner? The withdrawal agreement is an international treaty that governs the terms of the UK`s withdrawal from the EU. It was negotiated largely by Theresa May`s government. The main elements of the withdrawal agreement are: as the Irish Times reports, the EU`s chief negotiator, Michel Barnier, warned last week that “the precise implementation of the withdrawal agreement” was the only basis on which the bloc would accept an agreement. Part of the UK`s internal market law, due to be published on Wednesday, “will remove the legal force of parts of the withdrawal agreement,” the Financial Times (FT) reports, citing three people familiar with the plans. However, sources claim that “some clauses of the law will effectively repeal parts of the so-called Northern Ireland Protocol, which was signed at the same time as the withdrawal agreement in October,” reports the FT. UK officials are very keen to start technical work on most of the trade agreement on goods and services, for example. B service plans.
“If we can`t start talking about legislation this week, it will be difficult to get all the work done in time,” said a British official. On the issue of the Irish border, there is a protocol on Northern Ireland (the “backstop”) which is attached to the agreement and establishes a position of withdrawal which will only come into force in the absence of effective alternative provisions before the expiry of the transition period. In this case, the UK will eclipse the EU`s common external tariff and Northern Ireland will stick to aspects of the internal market until such an event is carried out. Neither party can unilaterally withdraw from this customs union. The aim of this backstop agreement is to avoid a “hard” border in Ireland, where customs controls are needed.  EU and UK negotiators have reached an agreement on the draft withdrawal agreement allowing the European Council (Article 50) to adopt guidelines for the future EU-UK relationship on 23 March 2018. Immediately after the announcement of a revised withdrawal agreement on October 17, 2019, Labour, the Liberal Democrats and the DUP said they could not support the new agreement.  This has fuelled fears of a “no deal 2.0” that the UK would leave the EU with a withdrawal agreement, but would not conclude a trade deal in time.