Britain will have to stick to new EU laws during and even after the transition period, but will not be allowed to have a say in the process of drawing up these regulations, British media reported.
According to the new EU plan, the UK shall remain part of the single European market during the Brexit period and allow EU citizens free access to the country.
The draft also outlines the way Britain and the European Union are going to work together in agriculture, fisheries, nuclear generation and defense.
The sides have also agreed to settle the main divorce issues which include EU nationals’ rights in the UK, the status of the Ireland-Northern Ireland border and the amount of money London will have to pay Brussels as compensation for leaving the union before trade talks actually begin.
The EU estimates Britain’s divorce bill at 60-100 billion euros ($70-120 billion), while Britain is prepared to offer only 20 billion.
Brexit Secretary David Davis is scheduled to return to Brussels later this week to persuade his EU counterpart Michel Barnier that some of the aforementioned issues have already been sufficiently settled for the trade talks to begin next month.
“I hope the member states will recognize the progress we’ve made and take a step forward in the spirit of the PM’s Florence speech. That’s how we move forward towards a deal that works for both the EU and the UK,” Davis said.