The Draft Withdrawal Agreement covers all elements of the UK’s withdrawal from the EU: citizens’ rights, financial settlement, governance, protocols on Ireland, and ship inspections, among others. A transition period is established until December 31, 2020. Goods lawfully placed on the market in the EU or in the UK before the end of the transition period may continue to freely circulate in and between these markets without having to comply with additional requirements.
In order to avoid a hard border between Ireland and Northern Ireland, a single EU-UK customs territory would be established, applicable from the end of the transition period until a subsequent agreement becomes applicable. The single customs territory covers all goods with the exception of fishery and aquaculture products.
In addition, on November 22, 2018, a Political Declaration was issued by the UK and the EU setting out the framework for the future relationship between both parties after the withdrawal. Some of the main issues of this declaration are that there would be an Economic Partnership Agreement eliminating tariffs, fees, charges or quantitative restrictions across all sectors, aiming EU-UK customs and regulatory cooperation and alignment of rules.
The UK and the EC reached a deal on the terms of the Article 50 Withdrawal Agreement
Draft Political Declaration setting out the Framework for the Future Relationship between the EU and the UK