The transition period begins on February 1, 2020 and ends on December 31, 2020. The withdrawal agreement is complemented by the political declaration setting the framework for future relations between the European Union and the statement by Her Majesty`s Government of the United Kingdom of Great Britain and Northern Ireland on the application of the „Democratic Approval in Northern Ireland” provision of the Protocol on Ireland and Northern Ireland. The aim of the political declaration is to define „the parameters of an ambitious, broad, thorough and flexible partnership on trade and economic cooperation, with a comprehensive and balanced free trade agreement on the merits.” It sets the tone and provides the framework for detailed and complex negotiations which, after the UK and the EU, aim to reach agreement on a free trade agreement. This is the third time the British Parliament has rejected the agreement. The UK has until 12 April 2019 to decide what to do next: before the withdrawal, a withdrawal agreement was negotiated to ensure that the main political and economic ties between the EU and the UK were not separated overnight at the time of departure. The agreement has been in force since 1 February 2020, when the UK left the EU. It provides for a transition period until 31 December 2020, during which time EU legislation will continue to apply to the UK and the UK will continue to be part of the EU internal market and the EU customs union. During this transition period, the EU and the UK are negotiating their future relations. The political declaration on future relations, adopted by both sides, accompanies the withdrawal agreement and sets the framework for the negotiations. The most important elements of the draft agreement are: The agreement also provides for a transitional period that 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.
  However, the EU wants a comprehensive agreement covering all aspects of future relations, while the UK argues that there should be a number of separate agreements, including a basic free trade agreement. On 17 October 2019, the UK and the EU agreed on the terms of the UK`s exit from the EU (Brexit) and a transitional period until 31 December 2020. The new relationship between the EU and the UK begins, provided an agreement has been reached, approved by the EU Member States, the European Parliament and the British Parliament. The EU-27 (with the exception of the UK) notes that sufficient progress has been made in Phase 1. This means that phase 2 of the negotiations can begin. In Phase 2, the EU and the UK continue to negotiate the withdrawal agreement.