During the transition period, the UK will retain the benefits of EU membership and will remain a part of the EU’s internal market and customs union. Simultaneously it will start trade negotiations with the EU. On the other hand, the UK will lose its representation in the European institutions and will not participate in EU decision-making. The post-Brexit transition period ends at the end of 2020. The UK has stated that it will not request an extension of the transition period.

Most member states will want continued free trade in goods – as long as the UK maintains a level playing field.

The shortest free trade agreement negotiations the EU has ever held were with South Korea and took two and a half years, with another eighteen months for approval and ratification. Most free trade agreements take six to eight years to negotiate. The FTA negotiations with Canada, often cited as a model for the UK, began in 2009 and were concluded in 2017. It will take another seven years for all aspects of the agreement to take effect.

9 August 1961: Britain formally applies to join what was then called the European Economic Community (EEC).

14 January 1963: France's president Charles de Gaulle vetoes the application. He rejects it again on 27 November 1967.

1 January 1973:  Britain finally enters the EEC at the same time as Ireland and Denmark, after De Gaulle has left office..

5 June 1975: In a referendum called by the new Labour government on remaining in the EEC, more than 67% of Britons vote "Yes".

9 August 1961: Britain formally applies to join what was then called the European Economic Community (EEC).

14 January 1963: France's president Charles de Gaulle vetoes the application. He rejects it again on 27 November 1967.

1 January 1973:  Britain finally enters the EEC at the same time as Ireland and Denmark, after De Gaulle has left office..

5 June 1975: In a referendum called by the new Labour government on remaining in the EEC, more than 67% of Britons vote "Yes".

The UK leaves the European Union (EU) at 23:00 GMT on 31 January, but that won't be the end of the Brexit story. That's because the UK will immediately enter an 11-month period, known as the transition, that will keep the UK bound to the EU's rules.

Top of the to-do list will be a UK-EU free trade deal. This will be essential if the UK wants to be able to continue to trade with the EU with no tariffs, quotas or other barriers after the transition.

Source: Freedom House 2019

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