When London's iconic Big Ben strikes 11PM on Friday night,... the UK will officially
be out of the European Union.
It's been a long and complex farewell from Brussels, but some three-and-a-half years
after the historic referendum,.... the day has finally arrived.
After years of people asking "when Brexit?"....
now the question becomes "what's next after Brexit?"
Our Oh Soo-young reports from London.
Three and a half years after the UK narrowly voted to leave the European Union, Friday
closes the chapter on its 47-year membership of the regional bloc.
But that's not the end of the story.
The withdrawal agreement which goes into force at 11PM in the UK,... also marks the start
of what are expected to be long and gruelling trade negotiations.
The various sticking points include rules on regulatory standards, fishing, banking,
energy and transport.
But while the two sides slug out a deal,... a transition period takes effect.
This means current EU rules and standards on trade, freedom of travel, and business
continue to apply,... though the UK loses its voice in the bloc's institutions.
UK officials have expressed a willingness to start talks straight away.
But EU ministers must first agree on a motion to do that at a meeting in late February,
meaning the negotiations are likely to start in early March.
A UK-EU summit in June is expected to serve as a check on progress.
June is also the final month that the UK can ask the EU to extend the transition period
up to 2022.
However, British Prime Minister Boris Johnson has firmly ruled out that option.
Then, this means officials would have to draw up a proposal by late November
if they want to end the transition period with a viable agreement.
But is 11 months long enough to work out such a deal?
Brussels has made it clear it won't give the UK zero-tariff access to its single market
if it doesn't comply with EU regulations on the production and trade of goods.
At the same time, the UK has refused alignment with EU standards.
The disagreements are expected to complicate the negotiation process.
"I think what we'll see is an interim deal to make sure that by the end of the year there
is no that cliff edge and, and, and the UK doesn't leave without an agreement.
But I think that this would be only the first one of multiple agreements that would need
to be negotiated and signed in future years.
Not on any economics but also on political issues, possibly also on social issues, foreign
policy as well."
"The UK crosses the point of no return, but the future remains unclear for its ties with
Brussels... and the status of some 5 million citizens made up of EU nationals in the UK
and Brits in the EU.
The quagmire that is Brexit looks far from over.
Oh Soo-young, Arirang News, London."