Brexit: An agreement has been reached - what does the successful conclusion of the negotiations mean?

Following the United Kingdom’s withdrawal from the European Union on 1 February 2020, the transition period agreed upon in the Withdrawal Agreement will end on 31 December 2020. The UK will thus leave the single market and the customs union and EU rules will no longer apply to it.

With the agreement of 24 December 2020, the European Union and the UK have opened a new chapter in their relations. During the intensive negotiations, which lasted less than a year, the future relationship between the EU and the UK has been successfully reshaped. In its role as holder of the Presidency of the Council of the EU, Germany will now do all it can to ensure that the Agreement on the New Partnership can provisionally take effect on 1 January 2021. It will place the relationship between the EU and the United Kingdom on a new footing. This is a great success. Never before has such a comprehensive agreement been concluded between the EU and a third country, and it has been achieved in record time.

Both sides, the EU and the UK, will benefit from the agreement reached. It has come just in time to enable a smooth passage to a new and comprehensive legal framework after the transition period ends on 31 December 2020. It must now be approved by all 27 member states. It would then come into force on 1 January 2021, on a provisional basis. This will give the European Parliament sufficient time to approve it in the new year. The EU and the UK will remain close partners and friends. This new agreement on the future partnership forms an excellent basis for this.