[Asia Economy Reporter Jeong Hyunjin] On the 29th (local time), the European Parliament ratified the Brexit agreement concerning the United Kingdom's withdrawal from the European Union (EU).
According to BBC and other outlets, the European Parliament held a plenary vote in Brussels on the same day, passing the UK's EU withdrawal agreement with overwhelming support: 621 votes in favor, 49 against, and 13 abstentions. The plenary vote took place after discussions filled with tears and cheers from the members. Following the vote, the members shook hands and sang the Scottish folk song "Auld Lang Syne," traditionally sung at farewells.
With the ratification by the European Parliament, the final step of Brexit is complete, and the UK will officially leave the EU as scheduled at 11 p.m. GMT on the 31st. This marks 3 years and 7 months since the Brexit referendum in June 2016 and 47 years since the UK joined the European Economic Community (EEC) in 1973.
Before the vote, Ursula von der Leyen, President of the European Commission, said, "We will always love you, and you will never be far away." However, she also emphasized that maintaining a "level playing field" is a prerequisite for the upcoming trade negotiations between both sides, stating, "We will not expose our companies to unfair competition."
Following Brexit, the EU and the UK will negotiate their future relationship during the transition period, which lasts until the end of this year. During this transition period, the UK will remain part of the EU customs union and single market. The future relationship negotiations will comprehensively cover trade, security, immigration, foreign policy, and transportation.
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