A joint committee is set up equally with representatives from the United Kingdom and the EU. In particular, it is responsible for the exchange of information and dispute resolution in the implementation of the withdrawal agreement and can make decisions and make recommendations. The Committee is also responsible for deciding on the extension of the transition period. After the WAB becomes law, the withdrawal agreement must also be ratified by the European Parliament. The agreement also provides for a transitional period, which will last until 31 December 2020 and can be extended by mutual agreement. During the transitional period, EU legislation will continue to apply to the UK (including participation in the European Economic Area, the internal market and the customs union) and the UK will continue to contribute to the EU budget, but the UK will not be represented in EU decision-making bodies. The transition period will give businesses time to adapt to the new situation and the new era, so that the British and European governments can negotiate a new trade agreement between the EU and the UK.   The political declaration on future relations with the EU focuses in particular on future economic relations. It is now explicitly based on a free trade agreement. A “free trade area” and the possibility of a closer relationship are no longer mentioned after the amendment of the withdrawal agreement. Due to the geographical proximity and close economic ties, there are plans to conclude strong and comprehensive agreements for a level playing field (“fair competition conditions”).
The Brexit Withdrawal Agreement, officially titled the UK`s withdrawal agreement from Britain and Northern Ireland from the European Union and the European Atomic Energy Community. is a treaty signed on 24 January 2020 between the European Union (EU), Euratom and the United Kingdom (UK)  which sets the conditions for the UK`s withdrawal from the EU and Euratom. The text of the treaty was published on 17 October 2019 and is a renegotiated version of an agreement published six months earlier. The previous version of the withdrawal agreement was rejected three times by the House of Commons, leading Queen Elizabeth II to accept Theresa May`s resignation as Prime Minister of the United Kingdom and appoint Boris Johnson as the new Prime Minister on 24 July 2019. On the European Union side, the European Parliament also approved the ratification of the agreement on 29 January 2020 and the Council of the European Union approved the conclusion of the agreement by e-mail on 30 January 2020.  That is why, on 30 January 2020, the European Union also tabled its instrument for ratification of the agreement, concluding the agreement and allowing it to enter into force on the date of the UK`s withdrawal from the EU on 31 January 2020, at 11 .m GMT. Chris Morris`s analysis: Most of this draft agreement deals with EU law issues, which makes the European Court of Justice cast a long shadow. The dispute resolution arbitration system creates an appearance of independence and the ECJ rulings will no longer have a direct effect after the transition to the United Kingdom. The withdrawal agreement, which covers 599 pages, covers the following main areas: The UK is committed to paying its share of all financial obligations arising from its EU membership.