EU approves Brexit deal – ‘No victors, we’re all losing’

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British Prime Minister Theresa May arrives for a media conference in Brussels, Nov 25. European Union gathered on Sunday to seal an agreement on Britain’s departure from the bloc next year, the first time a member country will have left the 28-nation bloc. (AP)

BRUSSELS, Nov 25, (Agencies): European Union leaders on Sunday approved a historic Brexit deal, handing the baton to British Prime Minister Theresa May who must now convince her skeptical party and country to support it. European Commission President Jean-Claude Juncker said Brexit was a “tragedy”, but he and other leaders meeting in Brussels warned the withdrawal terms were now set.

“This is the best deal possible for Britain, this is the best deal possible for Europe,” Juncker said, after a special summit meeting to sign off on the agreement. “This is the only deal possible,” he said, adding a warning: “Those who think by rejecting the deal, will have a better deal, will be disappointed in the few seconds after rejecting the deal.” May faces a major battle to get the agreement through the House of Commons before Brexit Day on March 29, with MPs of all parties – including her own – saying they will oppose it and try to negotiate a better deal.

Dutch Prime Minister Mark Rutte added: “Overall, I think this is the max that we can all do, both Theresa May and her government as well as the European Union. “No victors here today, nobody winning, we’re all losing – but given that context, this is acceptable.” Juncker, head of the bloc’s executive arm, earlier said it was a “sad day”. The European Union has formally approved a divorce agreement with Britain, the first country ever to leave the 28-nation bloc. The deal consists of a legally binding withdrawal agreement that runs more than 580 pages, and a 26-page political declaration on future relations.

Some key points:

WITHDRAWAL AGREEMENT
Transition period: Britain will leave the EU on March 29 but remain inside the bloc’s single market and be bound by its rules until the end of December 2020, while the two sides work out a new trade relationship. The transition period can be extended for up to two years before July 1, 2020, if both parties decide more time is needed. Irish border: The deal commits the two sides to a “backstop” solution to guarantee the border between EU member Ireland and the UK’s Northern Ireland remains free of customs posts or other obstacles. It keeps the UK in a customs arrangement with the EU, and will last until superseded by permanent new trade arrangements. Both sides say they hope to have a new deal in place by the end of 2020, so the backstop is never needed. Divorce bill: Britain agrees to pay about 39 billion pounds ($50 billion) to cover contributions to staff pensions and commitments to EU programs the UK made while a member for the funding period that runs to 2020.

POLITICAL DECLARATION
The two sides commit to “an ambitious, broad, deep and flexible partnership across trade and economic cooperation, law enforcement and criminal justice, foreign policy, security and defense and wider areas of cooperation.” But many of the details will only be worked out after Britain leaves the EU on March 29.

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