After full ratification of the Withdrawal Agreement, the United Kingdom and European Union enter enter into the transition period.
This time-limited period was agreed as part of the Withdrawal Agreement and will last until at least 31 December 2020.
Until then, it will be business as usual for citizens, consumers, businesses, investors, students and researchers in both the EU and the United Kingdom, the EU Commission stated.
The United Kingdom will no longer be represented in the EU institutions, agencies, bodies and offices but EU law will still apply in the United Kingdom until the end of the transition period.
The EU and the United Kingdom will use these months to agree on a new and fair partnership for the future.
What does transition period mean?
The transition period is a time-limited period, starting on 1 February 2020, according to EU Commission’s statement.
It is currently foreseen that the transition period ends on 31 December 2020.
It can be extended once by up to 1 to 2 years. Such a decision must be taken jointly by the EU and United Kingdom before 1 July 2020.
As for the structure of the negotiations, this will be agreed between the EU and the United Kingdom.
What status will the UK have during the transition period?
The UK will no longer be a Member State of the EU and of the European Atomic energy Community as of 1 February 2020.
As a third country, it will no longer participate in the EU’s decision-making processes.