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When London's iconic Big Ben strikes 11PM on Friday night,... the UK will officially
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be out of the European Union.
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It's been a long and complex farewell from Brussels, but some three-and-a-half years
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after the historic referendum,.... the day has finally arrived.
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After years of people asking "when Brexit?"....
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now the question becomes "what's next after Brexit?"
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Our Oh Soo-young reports from London.
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Three and a half years after the UK narrowly voted to leave the European Union, Friday
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closes the chapter on its 47-year membership of the regional bloc.
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But that's not the end of the story.
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The withdrawal agreement which goes into force at 11PM in the UK,... also marks the start
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of what are expected to be long and gruelling trade negotiations.
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The various sticking points include rules on regulatory standards, fishing, banking,
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energy and transport.
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But while the two sides slug out a deal,... a transition period takes effect.
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This means current EU rules and standards on trade, freedom of travel, and business
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continue to apply,... though the UK loses its voice in the bloc's institutions.
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UK officials have expressed a willingness to start talks straight away.
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But EU ministers must first agree on a motion to do that at a meeting in late February,
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meaning the negotiations are likely to start in early March.
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A UK-EU summit in June is expected to serve as a check on progress.
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June is also the final month that the UK can ask the EU to extend the transition period
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up to 2022.
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However, British Prime Minister Boris Johnson has firmly ruled out that option.
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Then, this means officials would have to draw up a proposal by late November
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if they want to end the transition period with a viable agreement.
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But is 11 months long enough to work out such a deal?
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Brussels has made it clear it won't give the UK zero-tariff access to its single market
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if it doesn't comply with EU regulations on the production and trade of goods.
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At the same time, the UK has refused alignment with EU standards.
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The disagreements are expected to complicate the negotiation process.
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"I think what we'll see is an interim deal to make sure that by the end of the year there
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is no that cliff edge and, and, and the UK doesn't leave without an agreement.
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But I think that this would be only the first one of multiple agreements that would need
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to be negotiated and signed in future years.
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Not on any economics but also on political issues, possibly also on social issues, foreign
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policy as well."
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"The UK crosses the point of no return, but the future remains unclear for its ties with
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Brussels... and the status of some 5 million citizens made up of EU nationals in the UK
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and Brits in the EU.
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The quagmire that is Brexit looks far from over.
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Oh Soo-young, Arirang News, London."