As of 1 January 2021, the United Kingdom has lost all its rights
and obligations as an EU Member State during the transitional
period under the Exit Agreement. It will no longer benefit from
unrestricted access to the EU single market and customs union, nor
from EU policies and international agreements (including free trade
agreements with other third countries).
The Council, acting unanimously in all 27 Member States, will
have to adopt a decision approving the signing of the EU-UK Trade
and Cooperation Agreement and its provisional application from 1
January 2021. Once this procedure is completed, the agreement can
be formally signed. The European Parliament will then be invited to
approve the agreement. As a final step on the part of the EU, the
Council must adopt the decision to conclude the agreement.
