Britain will stay in the single market and customs union for 21 months after it leaves the EU in March 2019 and will be able to sign new free trade deals during the transition -- but they won't come into effect until after the period has ended, said the deal.
"During this period, the United Kingdom will no longer participate in the decision-making process of the European Union...It will, however, retain all the advantages and benefits of the single market, the customs union, and European policies, and will therefore also have to comply with all European rules, just like the member states," said Barnier.
"We are committed to working during this period in good faith and to continuing to respect the principle of loyal cooperation," he said, adding that "this time of transition will be the one during which we will have to finalize our future relationship."
However, "the transitional period will only come after everything is agreed," said Barnier.
Meanwhile, any agreement reached at the summit this week will be a political commitment, but not legally binding until the final withdrawal agreement is signed early next year, according to some local media.
British Prime Minister Theresa May sent a notification letter to the EU in late March last year, triggering a two-year countdown to Britain's withdrawal from the bloc after more than 44 years of membership.
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