During the transition, the UK remains both in the EU`s customs union and in the internal market. The deadline for extending the transition has just expired. The Withdrawal Agreement also provides for the United Kingdom to leave the Convention on the Statute for the European Schools, with the United Kingdom being bound by the Convention and the accompanying rules on accredited European Schools until the end of the last academic year of the transition period.dem, i.e. at the end of the 2020-2021 spring semester.  In addition to negotiating a trade agreement between the UK and the EU, the transition will also allow the UK to conduct formal trade negotiations with other countries, such as the US and Australia. If these agreements are concluded and ready in due course, they could also enter into force at the end of the transition. The Withdrawal Agreement provides for a transitional period until 31 December 2020, during which the United Kingdom will remain in the internal market to ensure smooth trade until a long-term relationship is agreed. In the absence of an agreement on that date, the UK will leave the internal market on 1 January 2021 without a trade agreement. The Withdrawal Agreement is closely linked to a non-binding political declaration on the future relationship between the EU and the UK. The 599-page Withdrawal Agreement covers the following main areas: On 17 October 2019, the UK and the EU agreed on the terms of the UK`s exit from the EU (Brexit) and on a transitional period until 31 December 2020. The UK left the EU on 31 January 2020 at midnight Eastern European Time (23:00 GMT). A transitional period now applies until 31 December 2020.