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The leadership is led by a joint committee made up of representatives from the European Union and the British government. There will be a number of specialized committees that will report to the joint committee. In its response, the British government stated that it would „respect its contractual obligations in good faith,“ but added that „in the difficult and very exceptional circumstances in which we find ourselves, it is important to remember the fundamental principle of parliamentary sovereignty.“ After the adoption by the British House of Lords on 22 January of the European Union Withdrawal Agreement Act, the bill received royal approval from the Queen. The European Parliament approved the agreement on 29 January. The new political declaration sets out the framework for future relations between the European Union and the United Kingdom and reflects the Government`s desire to conclude an ambitious, comprehensive, deep and flexible partnership on trade and economic cooperation with the EU, with a free trade agreement with the EU, in addition to security agreements and other areas of cooperation. After back-reacting to reports that Prime Minister Boris Johnson is considering ejecting important parts of the UK`s withdrawal from the EU, this round of negotiations could be the last chance to reach an agreement. The agreement also provides for a transitional period, which will last until 31 December 2020 and can be extended by mutual agreement. During the transitional 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. The transition period will give businesses time to adapt to the new situation and the new era, so that the British and European governments can negotiate a new trade agreement between the EU and the UK. [17] [18] The European Union and the United Kingdom have approved the withdrawal agreement. The British Parliament and the European Parliament have yet to approve the withdrawal agreement. At this point, however, anyone with more than a known knowledge of this government would know that this is unthinkable. Labour leader Sir Keir Starmer called on the government to „examine the reputational risk it is taking along the proposed path.“