The two sides on November 25, 2018 agreed on the conditions for London’s withdrawal from the body and future relations between them.
After months of horse trading, the United Kingdom, UK and the European Union, EU finally overcame sticking points and agreed on the terms for the latter’s pull-out from the 27-member nation political and economic union. EU leaders gave the agreement their assent in Brussels, Belgium after less than an hour of discussions, the BBC reported.
“EU27 has endorsed the Withdrawal Agreement and Political Declaration on future EU-UK relations,” Donald Franciszek Tusk, President of the European Council, tweeted to break the news. On the eve of the vote, Tusk indicated that the deal will be approved after Spain withdrew last-minute concerns over the future of Gibraltar. However, the agreement still has to be approved by the British Parliament, but the PM does not have enough Conservative parliamentarians to force it through. Members of Parliament, MPs from all parties are not happy with what was agreed.
The “divorce” deal or withdrawal agreement that sets out how exactly the UK will leave the EU includes a number of key points. The UK will pay 39 billion pounds (28,923.6 billion FCFA) to the EU to cover what it owes. During the Brexit transition period from March 29, 2019 to December 31, 2020, nothing much will change in order to allow the UK and EU to strike a trade deal and to give businesses the time to adjust.