This triggered Article 50 of the Treaty on European Union, which sets out the procedure for a member state`s exit from the Union and introduces a two-year countdown to withdrawal. The agreement also provides for a transitional period that will last until 31 December 2020 and may be extended by mutual agreement. During the transition period, EU legislation will continue to apply to the UK (including participation in the European Economic Area, the internal market and the customs union) and the UK will continue to contribute to the EU budget, but the UK will not be represented in EU decision-making bodies. . . .