Brexit Agreement 17 October 2019: Everything You Need to Know
The ongoing Brexit saga has taken another turn as the European Union and the United Kingdom announced a new Brexit deal. The agreement was reached in Brussels on 17th October 2019 after weeks of intense negotiations. The deal is expected to pave the way for the UK`s departure from the European Union on October 31, 2019. In this article, we`ll take a closer look at the Brexit agreement 17 October 2019 and explain what it means for the UK and the EU.
What`s in the deal?
After months of negotiations, the new Brexit deal includes the following key points:
1. The Irish backstop has been replaced with a new solution called the “Northern Ireland protocol.” This protocol will keep Northern Ireland in the UK`s customs territory but will create a regulatory border between Northern Ireland and the Republic of Ireland.
2. Northern Ireland will remain a part of the UK`s customs territory, but will apply EU customs rules.
3. The UK will leave the single market and the customs union, giving it the freedom to make trade deals with other countries.
4. The UK will pay a “divorce bill” of $44 billion to the EU.
5. There will be a transition period until the end of 2020, during which time the UK and the EU will negotiate a new trade deal.
What does this mean for the UK?
The new Brexit deal is a significant achievement for the UK government, as it finally provides a clear plan for the country`s departure from the EU. The deal will allow the UK to leave the single market and the customs union, giving it the freedom to negotiate new trade deals with other countries. It will also provide certainty for businesses and citizens during the transition period.
However, the deal has faced criticism from some quarters, particularly from those who support a “hard Brexit” and believe that the UK should leave the EU without a deal. The fact that Northern Ireland will remain subject to EU customs rules has also proved controversial.
What does this mean for the EU?
For the EU, the new Brexit deal will bring an end to a long and difficult negotiation process. The EU`s priorities throughout the negotiations have been to protect the single market and the customs union, as well as to ensure the rights of citizens are protected.
The new deal will allow the EU to maintain the integrity of the single market and the customs union, while also providing for the protection of citizens` rights. It will also provide clarity for EU citizens living in the UK and UK citizens living in the EU.
Conclusion
The Brexit agreement 17 October 2019 has provided a much-needed breakthrough in the ongoing Brexit negotiations. The new deal provides a clear path for the UK`s departure from the EU and will provide certainty for businesses and citizens during the transition period. While there are still some concerns and criticisms, the new deal is a significant achievement for both the UK and the EU. Only time will tell whether this deal will be accepted by the UK parliament and whether the country will finally leave the EU on October 31, 2019.