The United Kingdom`s withdrawal from the European Union has been one of the most talked-about topics in international news. After years of negotiations and discussions, a withdrawal agreement was finally signed between the UK and EU on January 31, 2020. This article seeks to provide detailed insights into the Brexit withdrawal agreement and what it means for both the UK and the EU.
The Brexit withdrawal agreement is a legally binding agreement that outlines the terms of the UK`s departure from the EU. The agreement covers several key issues, including citizens` rights, the financial settlement, and the implementation period.
Citizens` Rights
Under the withdrawal agreement, UK and EU citizens will continue to enjoy certain rights. EU citizens who have been living in the UK for at least five years, as of December 31, 2020, will be eligible for settled status. UK citizens living in the EU will also be able to secure citizens` rights in their current country of residence.
Financial Settlement
The financial settlement agreement requires the UK to make payments to settle its outstanding financial obligations to the EU. The UK will contribute financially to the EU budget until the end of the 2020 budget period. Moreover, the UK will make a one-time payment to the EU to settle its financial obligations, which sum up to about £39 billion.
The Implementation Period
The implementation period is a transition period that started on February 1, 2020, and will last until December 31, 2020. During this period, the UK will continue to follow EU rules and regulations while negotiating a new trade deal with the EU.
Other important provisions of the Brexit withdrawal agreement include the Northern Ireland Protocol, which aims to prevent a hard border between Northern Ireland and the Republic of Ireland. It also establishes a Joint Committee to oversee the implementation of the agreement.
The Brexit withdrawal agreement has been applauded for providing some certainty and clarity on the UK`s departure from the EU. However, it has also attracted criticism and controversy, particularly regarding the Irish border issue and the financial settlement.
In conclusion, the Brexit withdrawal agreement is a significant milestone in the UK`s journey to leave the EU. While it provides some clarity on key issues, there is still much work to be done to determine the future relationship between the UK and the EU. As negotiations continue, it is crucial to monitor the progress of the agreement carefully.
