The deal provides the basis for reaching an ambitious and comprehensive agreement that will determine the UK’s status as a preferred trading partner as well as setting out the details of cooperation in internal security, coordination of social security schemes, and transport, to name a few. The deal provides for regulation and governance of a new regime for long-term collaboration and business activities between the EU Member States and the UK, based on shared values and the principles of free and fair trade, protection of individual rights, the rule of law, and protection of workers, consumers and the environment.

The EU and the UK are already linked by close ties and regardless of this deal, the UK’s withdrawal from the EU will inevitably bring about changes in all cooperation areas as regards business activities between the two parties, both for individuals and economic operators. 

In the coming days, Member States will be faced with an arduous task, which is to review the draft agreement and implement the internal procedures necessary for the conclusion and provisional entry into force of the agreement at the EU level. This must be achieved by 31 December 2020, when the transition period set out by the Withdrawal Agreement expires.

All information on the UK’s withdrawal from the EU (Brexit)