The Brexit Agreement, also known as the Withdrawal Agreement, is a legally binding document that outlines the terms of the United Kingdom`s exit from the European Union. The agreement was negotiated between the UK and the EU and was signed on January 30, 2020, by both parties.

The Brexit Agreement addresses several key issues, including the UK`s financial settlement with the EU, the status of EU citizens living in the UK, and the future of the Irish border. Here are some of the main points of the agreement:

Financial Settlement

The UK agreed to pay a settlement of £33 billion ($41 billion) to the EU, covering the UK`s financial commitments to the EU up until the end of 2020. This includes contributions to the EU budget, pensions for EU officials, and other financial obligations.

Citizens` Rights

The Brexit Agreement guarantees the rights of EU citizens living in the UK and UK citizens living in the EU. This includes the right to live, work, and study in their respective countries, as well as access to healthcare, social security, and other public services. The agreement also establishes a system for verifying the status of EU citizens in the UK.

Irish Border

One of the most contentious issues in the Brexit negotiations was the future of the border between Northern Ireland (which is part of the UK) and the Republic of Ireland (which is an EU member state). The Brexit Agreement includes a protocol on Ireland and Northern Ireland, which aims to avoid a hard border between the two countries.

Under the protocol, Northern Ireland will continue to follow EU rules on goods and customs, meaning that there will be no need for a physical border between Northern Ireland and the Republic of Ireland. However, this has led to some concerns about the impact on Northern Ireland`s economy and its relationship with the rest of the UK.

Transition Period

The UK officially left the EU on January 31, 2020, but the Brexit Agreement includes a transition period that will last until December 31, 2020. During this period, the UK will continue to follow EU rules and regulations, and the two sides will negotiate a new trade agreement. The transition period can be extended by up to two years if both parties agree.

In conclusion, the Brexit Agreement is a complex and wide-ranging document that addresses many of the issues surrounding the UK`s exit from the EU. While it has been signed and ratified by both parties, its implementation is still ongoing and will continue to be closely watched by politicians, businesses, and citizens on both sides of the channel.