Brexit and businesses – Withdrawal with a deal
The primary objective of both the EU and the UK is for the UK to withdraw from the EU in an organised manner and for a withdrawal agreement to be ratified. The ratification of the withdrawal agreement would mark the start of the transition period, which would last until at least 31 December 2020. The transition period can be extended one time by joint decision of the EU and the UK until the end of 2022 at the latest.
During the transition period, the UK will comply with EU law and the obligations of the EU’s international agreements in full. In other words, the UK would participate in the single market and Customs Union and would comply with the EU’s trade agreements “as a Member State”. However, the UK would no longer participate in decision-making or in different bodies in charge of EU affairs.
A joint political declaration on the elements of the future EU-UK relationship is annexed to the withdrawal agreement. Negotiations on the future relationship will take place during the transition period, and the conditions of the relationship are set to enter into force once the transition period is over, on 1 January 2021 at the earliest.
The tasks of the Ministry for Foreign Affairs include preparing and implementing the European Union’s trade policy, international trade and economic relationships, exports, and public authority services promoting investments abroad.