Q1: Could there be an extension to the transition period?
The UK left the EU on 31-January-2020 at 23:00 UK time, and entered the transition period. This time-limited period was agreed as part of the Withdrawal Agreement, the exact terms of which are set out in Part Four. It is currently foreseen that the transition period ends of 31-December-2020. It can be extended once by up to one to two years. Such a decision must be taken jointly by the EU and United Kingdom before 1-July-2020. Such as extension can only be decided once, for a period of one or two years.
The transition period gives the UK time to negotiate the future relationship with the EU. Until then it will be ‘business as usual’ for citizens, consumers, businesses, investors, students and researches in both the EU and the UK. The UK will no longer be represented in the EU institutions, agencies, bodies and offices but EU law will still apply in the UK until the end of the transition period.
The EU and the UK will use the transition period to agree on a new and fair partnership for the future, based on the Political Declaration agreed between the EU and the UK in October-2019.