Article 129 Withdrawal Agreement

Article 129 Withdrawal Agreement: Everything You Need to Know

The withdrawal agreement, negotiated between the European Union and the United Kingdom, was designed to shape their relationship once the UK leaves the EU. One key component of that agreement is Article 129, which outlines the process that will govern the UK`s continued participation in EU financial programs.

Here`s a breakdown of what you need to know about Article 129 of the withdrawal agreement:

What is Article 129?

Article 129 addresses financial provisions that will apply to the UK after Brexit. Specifically, it outlines the UK`s obligations regarding financial programs they`ve already committed to as members of the EU.

What financial programs does Article 129 apply to?

Article 129 is primarily concerned with two key EU financial programs: the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). Under the terms of the withdrawal agreement, the UK will continue to participate in both groups until the end of their current funding cycles, which are set to expire in 2020 and 2023, respectively.

What are the UK`s obligations under Article 129?

Under Article 129, the UK will continue to honor its commitments to these financial programs until their funding cycles end. This means making any required payments and continuing to participate in any relevant decision-making processes.

What happens after the funding cycles end?

Once the current funding cycles end, the UK will no longer participate in these programs as an EU member. However, the withdrawal agreement does contain provisions for continued UK participation in certain EU programs, subject to negotiation.

What are the benefits of continued UK participation in EU financial programs?

Continued UK participation in EU financial programs can have several benefits, including:

Access to funding: Participation in the EIB and EBRD can provide UK businesses and organizations with access to EU funding for infrastructure projects and other investments.

Influence: Continued UK participation in these programs may allow the country to participate in decision-making processes that could affect EU financial policy.

Continuity: Participation in these programs can help ensure a smooth transition away from full EU membership, minimizing disruption to businesses and organizations that rely on EU funding.

Conclusion

Article 129 may seem like a minor aspect of the larger withdrawal agreement, but it`s an important one for any UK entity that participates in EU financial programs. By understanding the UK`s obligations under Article 129, and the potential benefits of continued participation in EU financial programs, organizations can better plan for the post-Brexit landscape.

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