Key Takeaways

• Following several months of uncertainty, the UK and the EU have published a draft withdrawal agreement relating to the UK’s exit from the EU and an outline of a political declaration framing the future relationship between the UK and the EU.
• Whilst this is a significant breakthrough, it is uncertain whether the draft Withdrawal Agreement will be approved by Parliament.
• The draft Withdrawal Agreement confirms the transition period during which EU law will continue to apply in the UK. The transition period may be extended by the mutual agreement of the UK and the EU.
• The draft Political Declaration suggests that the future relationship will include a comprehensive free trade area across all goods sectors and equivalence  type arrangements in financial services.