UK and EU, 47 Years of Cohabitation Completely 'Over'... Brexit Transition Period Ends Today

UK Parliament Approves Future Relationship Negotiation Agreement
Temporary Confusion Inevitable... Further Discussion on Details Needed

[Image source=EPA Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The United Kingdom and the European Union (EU) will end their 47-year cohabitation at 11 p.m. on the 31st (Greenwich Mean Time, GMT). After the hectic Brexit schedule that began with the 2016 UK referendum, the UK is completely leaving the EU framework. Both sides will now build a new relationship based on future relationship negotiations.

According to BBC and others on the 30th, the UK House of Commons and House of Lords convened an emergency meeting to vote on the future relationship negotiation agreement, including the trade agreement with the EU, and passed it. The UK Conservative Party, led by Prime Minister Boris Johnson, holds the majority of seats in the House of Commons, and the main opposition Labour Party supported it, saying it was better than a 'No Deal' situation, resulting in the bill passing the parliamentary hurdle by an overwhelming margin.

The bill passed through both houses and received royal assent, becoming official law. With the Brexit transition period ending imminent, both houses approved it within a day, and the Queen gave her assent. The EU unanimously approved the agreement by member state ambassadors on the 29th and decided to provisionally apply it from January 1 next year, with ratification by the European Parliament and member states scheduled for early next year.

Boris Johnson, Prime Minister of the United Kingdom [Image source=EPA Yonhap News]

Ursula von der Leyen, President of the European Commission [Photo by AP Yonhap News]

The UK aims to regain sovereignty and have autonomy in trade and diplomacy through leaving the EU. Having joined the European Economic Community (EEC), the predecessor of the EU, in 1973, the UK belonged to the European community for 47 years and had to make decisions on major issues such as trade and security through agreements with other European countries as an EU member. Prime Minister Johnson stated on Twitter that "By signing this agreement, we have realized the restoration of sovereignty to live under the laws made by the Parliament elected by us (the British people)."

With the UK, a core member along with Germany and France, leaving, the EU has taken on the mission of 'strengthening internal cohesion.' The EU maintained the principle during Brexit negotiations that 'non-members cannot enjoy benefits,' which was reflected in this agreement, strengthening solidarity among member states. However, with divisions confirmed in various places due to the recent COVID-19 pandemic, the EU is expected to focus on consolidating its position as a community after Brexit.

However, since this agreement came out at the last minute before the end of the transition period, confusion is inevitable early next year. Although both sides agreed to maintain tariff-free and quota-free trade in goods, new customs and quarantine procedures, which did not exist before, will cause companies unprepared for them to experience confusion for some time. Also, since the agreement was made only in broad terms, most service sectors, including finance, will need to renegotiate agreements next year. There will now be barriers to the previously free movement between the UK and the EU. UK citizens will need visas to stay in EU member states for more than 90 days.

This content was produced with the assistance of AI translation services.