BREXIT : endorsement of the draft withdrawal agreement
On 25 November 2018, the EU and the UK endorsed the draft Withdrawal Agreement as well as a political declaration on the future bilateral relationship.
The UK will continue to apply EU law and remain in the EU customs union and the EU Single Market during a transitional period, which would end on 31 December 2020. However, this transitional period can be extended once by mutual consent of the UK and the EU (before July 2020) by one or two years ie an extended transitional period would end either on 31 December 2021 or 2022. The Protocol provides that after the transitional period, the EU and the UK will form part of a "single customs territory". However, the UK will be free to enter into FTAs with 3rd countries as long as the UK does not apply a tariff which is lower than the EU's Common Customs Tariff and does not apply or grant in its customs territory any quotas, tariff-rate quotas or duty suspensions without prior agreement of the EU.