News: Britain has officially left the European Union (EU) and has become the first country to leave the 28-member
bloc.
Facts:
UK-EU Brexit withdrawal agreement:
• As part of the withdrawal agreement, there will be a transition period until December 31st 2020, to make the
separation process smoother and will be used by the UK and EU to negotiate a new relationship.
• During the transition period, the UK will be officially out of the EU and not be represented on EU bodies
but would still have the same obligations as an EU member.
• These include remaining in the EU customs union and the single market, contributing to the EU’s budget
and following EU law.
Additional Facts:
Brexit
• Article 50 of the Treaty of Lisbon gives any European Union (EU) member state the right to quit unilaterally.
Brexit is a term used to define the United Kingdom coming out of the European Union (EU).
European Union:
• The European Union is an international organization which will now consist of 27 European countries. It
governs the common economic, social and security policies of its member states.
• It operates an internal (or single) market which allows free movement of goods, capital, services and people
between member states.
• The 19 EU countries use the EURO as their official currency, however eight EU members namely Bulgaria,
Croatia, Czech Republic, Denmark, Hungary, Poland, Romania and Sweden do not use the euro.