- 01 Feb 2020
- 2 min read
Why in News
Britain has officially left the European Union (EU) and has become the first country to leave the 28-member bloc.
- The UK faced a lot of challenges in materialising this move finally.
- It is a notable change for the UK although nothing will change immediately because of the 11-month transition period negotiated as part of an EU-UK exit deal, 2019.
- The UK will be able to work in and trade freely with EU nations and vice versa until December 31, 2020. However, it will no longer be represented in the EU's institutions.
- From 2021, the UK and EU will enter a new relationship possibly underpinned by a free trade deal.
EU-UK Exit Deal
- This agreement sets out the exact terms of the UK and EU relationship immediately after exit but it is not clear, on what terms the UK and EU’s future relationship will be.
- A key part of the withdrawal agreement was, there would be a transition period, until the end of 2020.
- The transitional arrangement is designed to make the separation process smoother and it covers subjects like trade, law, and immigration.
- It will give them more time to iron out all the details of their future relationship including a possible free trade deal.
- During the transition, the UK will be officially out of the EU and not be represented on EU bodies but would still have the same obligations as an EU member. That includes remaining in the EU customs union and the single market, contributing to the EU’s budget and following EU law.