The Withdrawal Agreement of October 2019 is an agreement between the European Union and the United Kingdom regarding the terms of the UK`s departure from the EU. This agreement contains provisions related to the rights of EU citizens living in the UK, the financial settlement that the UK must pay to the EU, and how the UK-EU border will be managed.
One of the key provisions of the October 2019 Withdrawal Agreement is the “backstop,” which is a mechanism to avoid a hard border between Northern Ireland and the Republic of Ireland. Under the backstop, the UK would remain in a customs union with the EU until a new trade agreement is reached between the two parties. This would ensure that goods can continue to flow freely across the border without any border checks or controls.
Another important provision of the October 2019 Withdrawal Agreement is the transition period, which would last until 31 December 2020. During this period, the UK would continue to follow EU rules and regulations, while also having the freedom to negotiate trade agreements with other countries. This transition period would give businesses and individuals time to adjust to the new relationship between the UK and the EU.
Finally, the October 2019 Withdrawal Agreement includes provisions related to the financial settlement that the UK must pay to the EU. This settlement includes contributions to the EU budget, as well as payments related to pensions and other financial obligations. The total amount that the UK must pay is estimated to be around £39 billion.
In conclusion, the Withdrawal Agreement of October 2019 outlines the terms of the UK`s departure from the EU, including provisions related to the rights of EU citizens in the UK, the backstop to avoid a hard border in Ireland, the transition period, and the financial settlement that the UK must pay to the EU. While there has been much debate and controversy surrounding the agreement, it represents an important milestone in the ongoing negotiations between the UK and the EU.