The EU withdrawal agreement is a legally binding document. It contains conditions for the UK`s withdrawal from the EU of more than 500 pages, including the first agreements on citizens` rights, the UK`s financial commitments to the EU and the Northern Ireland Protocol, which establish provisions for maintaining an open border on the island of Ireland. The withdrawal agreement was adopted by the European Council on 19 October 2019 in its final form, which was confirmed in the declaration that a political agreement had been reached and that the United Kingdom had reached an agreement with the European Union in accordance with Article 50, paragraph 2, of the Treaty on European Union. The EU wants to continue to forge a close partnership with the UK. We believe that it is possible to reach a fruitful agreement on the basis of the political declaration. However, it is important that we prepare for all possible outcomes of the negotiations. This includes preparing not to reach an agreement. The new relationship will not be highlighted until the end of the transition period, when negotiations are completed. The new agreements will enter into force after the transition period that ends on December 31, 2020. EU countries must first approve these new agreements.
If Britain and the EU fail to reach an agreement, there will be a “non-deal” of Brexit. This will be done at the end of the transition period. The British Parliament passes a law requiring the UK government to ask for a postponement of Brexit if there is no deal with the EU by 19 October 2019. The Northern Ireland Protocol, known as the Irish Backstop, was an annex to the November 2018 draft agreement outlining provisions to avoid a hard border in Ireland after the UK`s withdrawal from the European Union. The protocol provided for a provision of the safety net to deal with the circumstances in which satisfactory alternative arrangements were to come into force at the end of the transition period. This project has been replaced by a new protocol that will be described as follows. The agreement also provides for a transitional period, which will last until 31 December 2020 and can be extended by mutual agreement. During the transitional period, EU legislation will continue to apply to the UK (including participation in the European Economic Area, the internal market and the customs union) and the UK will continue to contribute to the EU budget, but the UK will not be represented in EU decision-making bodies.
The transition period will give businesses time to adapt to the new situation and the new era, so that the British and European governments can negotiate a new trade agreement between the EU and the UK.   The UK Government and the remaining 27 Member States approve the draft agreement. On 9 July 2020, the European Commission published a “custody communication” to prepare for the end of the transition period between the EU and the UK. To support this approach, the European Commission is reviewing the more than 90 sectoral stakeholder preparedness notifications published during the Article 50 negotiations with the UK.