LONDON (dpa-AFX) - A week after signing a deal that defines the nature of their post-Brexit economic relationship, the United Kingdom is leaving the European Union on December 31.
The much-awaited trade deal, which was unanimously approved by the EU nations will come into effect on January 1, 2021.
Being no more a part of the biggest multi-national political bloc, the exit may have major political, trade and economic impact on Britain.
As Britain leaves the EU Single Market and Customs Union, it will no longer be bound by EU policies and international agreements.
The free movement of goods and more than 500 million people between Britain and the 27 EU states will be regulated by customs border checks. There will be no tariffs or quotas on goods that move across these borders.
Laws on travel, immigration, commerce, living and working abroad will be subject to changes.
Duty-free shopping will return, and a 'points-based' immigration system will be implemented.
After signing the trade deal on Christmas eve, British Prime Minister Boris Johnson said, 'The destiny of this great country now resides firmly in our hands.'
But opponents say a post-Brexit Britain will be worse off than while it was part of the bloc.
The International Monetary Fund had earlier warned that if Britain leaves the European Union, the country will have to pay a heavy economic price for it, and those costs would be unevenly spread across different sectors and regions.
Copyright RTT News/dpa-AFX