EU says Brexit transition period should end on Dec 31, 2020

TRANSITION OBLIGATIONS

Commenting on the directives, Michel Barnier, chief negotiator of EU's Brexit talks, told reporters during a press conference Wednesday that "Britain will keep all the benefits and obligations of the single market, the Customs Union and common policies during this transition period."

However, "if there is no orderly withdrawal and a treaty on section 50, there is no transition," he warned.

"And so these two elements go together: all the conditions and the elements of the ordered separation, especially on the basis of the joint report approved eight days ago and which will be essentially the main stream of the withdrawal agreement and transition, which will be decided under the same legal basis," he added.

As to EU's future relationship with Britain, Barnier said it will not be a treaty in October 2018. "We will need more time. However, we can and we will in this political declaration define the framework of the future relationship and this political declaration will accompany the treaty Article 50 on the withdrawal ordered and the transition."

In their last gathering here for the winter EU summit, leaders of the 27 EU members approved the second phase of Brexit talks, with belief that sufficient progress had been made during the first session of Brexit talks.