The Brexit deal consists of two documents. The first is a 585-page agreement ending Britain’s relationship with Europe, while the second is a seven-page outline describing the future relationship, according to the Guardian.
The transition period would begin on March 29, 2019 and end on December 31, 2020. During this time the U.K. would have to follow all E.U. rules, but would not have membership in its institutions, according to the BBC.
The withdrawal agreement would allow for the transition to be extended only once for a limited period, but would require both the U.K. and E.U. to agree for an extension before July 1, 2020.
U.K. citizens in the E.U. and E.U. citizens in the U.K. will keep their residency and social security rights after the withdrawal.
If by the end of 2020, no long-term trade deal is agreed upon, and if there is no transition period extension, then a backstop of “a single customs territory between the Union and the United Kingdom” would take effect.
In a backstop setting, the U.K. is subject to “level playing field conditions” to prevent it from gaining a competitive advantage while in the same customs territory.
To exit the backstop it would require bilateral agreement between the U.K. and the E.U.