EU and UK reach agreement on Brexit deal

On November 14, the European Commission and the United Kingdom’s negotiators have reached an agreement on the withdrawal of the UK from the European Union, following 18 months of negotiations.

The draft agreement, which was published by the Commission on the same day, establishes the UK’s withdrawal terms and ensures that the withdrawal will happen in an orderly manner. The 585-page deal also offers legal certainty once the EU treaties and the EU law cease to apply to the UK.

The withdrawal agreement includes a transition period, during which the UK will be treated as a Member State. However, the agreement stipulates that the UK will no longer be part of the EU decision-making process as of the withdrawal date, including during the transition period.

The agreement also covers the UK’s financial obligations to the EU and states that the UK should pay its share of the commitments taken during its membership to the bloc.

During a transition period of 21 months from 30 March 2019 to 31 December 2020, the UK will continue to participate in the EU customs union as well as the single market. The UK will also have to comply with the EU’s trade policy.

Meanwhile, the UK’s Chemical Industries Association announced in a press release that the industry has welcomed the recent development and that they hope the agreement would deliver much-needed certainty.