In addition, the Withdrawal Agreement regulates the UK`s contributions to the EU budget. The deal means the UK will pay as a member for the current long-term entire budget by the end of 2020. The agreement was revised as part of the Johnson Ministry`s renegotiation in 2019. The amendments adapt about 5% of the text.  The WAB converts Boris Johnson`s withdrawal agreement, which is a draft international treaty, into British law and gives the government permission to ratify it. Since March, the EU and the UK have continued regular rounds of negotiations despite the difficulties arising from the COVID-19 pandemic. The EU conducts its negotiations on the basis of the mutually agreed political declaration. However, important differences have not yet been resolved in some areas. These differences concern, in particular, fair competition, horizontal governance of agreements and fisheries. EU and UK negotiators Michel Barnier and David Frost and their teams have recently stepped up their negotiations. Time is of the essence, because an agreement must be reached quickly in order to have time to ratify it by the European Parliament.
The agreement defines the goods, services and associated processes. It argues that any goods or services lawfully placed on the market before leaving the Union may continue to be made available to consumers in the United Kingdom or in the Member States of the Union (Articles 40 and 41). These votes will take place two months before the end of each four-year period, with the first period starting at the end of December 2020 (when the transition period is expected to end).  If the Assembly is suspended at that time, arrangements will be made for Members to vote. If the Assembly expresses its inter-community support in one of these regular votes, the Minutes will apply for the next eight years instead of the usual four years.  However, if the Assembly votes against the continuation of these agreements, the UK and the EU will have two years to agree on new agreements.   The EU wants to continue a close partnership with the UK. We believe that it is possible to reach a fruitful agreement on the basis of the Political Declaration. However, it is important that we prepare for all possible outcomes of the negotiations. This includes preparing for no deal.
The Withdrawal Agreement provides for a transition period until the 31st. December 2020, in which the UK will remain in the single market to ensure smooth trade until a long-term relationship is agreed. If no agreement is reached by that date, the UK will leave the single market on 1 January 2021 without a trade agreement. .