When the U.K. leaves the EU on Friday, it will remain a member of the single market and customs union but only during a 'transition period.'
The U.K. is about to leave the EU, marking one of the biggest political and economic shifts in modern Europe.
Irish Prime Minister Leo Varadkar suggested in an interview with the BBC Monday that the EU will be the "stronger team" in post-Brexit trade talks. Brexit brings about the end of a tumultuous three-and-a-half year departure process that has caused turmoil in the U.K.'s political establishment, economic uncertainty and heightened tensions between the U.K. and the EU, its largest single trading partner as a bloc.
The U.K. government has set an ambitious deadline of the end of 2020 in which a deal must be reached, otherwise it could confront a "no deal" scenario and would have to revert to the World Trade Organization trading rules, putting up trade barriers with the EU in a move likely to damage both the U.K. and EU economies.
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