The U.K. is set to leave the European Union on January 31, but this will not be the end of the Brexit process.
Both sides of the English Channel will be entering detailed negotiations on their future relationship from then. Failure to reach a second deal by the end of the 2020 would still mean higher costs and barriers when trading goods and services.Mid-January – European lawmakers meet for the first time in 2020 and are expected to green light the Withdrawal Agreement – the document that outlines how the U.K. should leave the European Union.
The aim of the transition period is to allow both sides to put together a second deal on their future relationship. This includes new trade arrangements as well as agreements on security and data sharing; aviation standards; supplies of electricity and regulation of medicines. , who has been heading the Brexit process from the European side since the U.K.'s official request to leave the EU in 2017June – A EU-U.K. summit is expected to take place. At this point both sides will have to decide whether they can finalize their new trade relationship by the end of 2020. Prime Ministerhas said that he does not want to prolong the transition and he has legislated against further delays to the Brexit process.
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