brussels european union want transition period brexit end late last day 2020 accord european commission negotiate directives agree wednesday date coincide end eu seven-year budget period 21 months britain depart eu long expect target end point transition first official confirmation goal union negotiators british prime minister theresa may seek transition last around two years eu chief negotiator michel barnier speak news conference eu executive agree term say 2020 deadline logical would avoid complications next 2021-2027 eu budget period four page new directives barnier line guidelines issue eu leaders summit friday form basis talk transition hop start next month say past hop free trade pact could ready take effect january 2021. directives spell britain effectively remain eu institutions bind rule include new ones say make eu also offer britain non-voting place meet decisions may affect specific issue set special arrangements uk role set annual eu fish quotas directives also spell clearly eu treaties countries international organizations long apply britain transition period however document add interest union union may consider whether arrangements agree would maintain effect agreements regard unite kingdom transition period important britain since could mean long benefit automatically free trade agreements eu say canada south korea would still apply eu trade policy example collect eu customs duty uk port barnier say understand britain work countries try retain advantage nearly 750 international agreements london currently party eu member among elements spell directives leaders guidelines last week repetition previously agree eu position everything apply brexit britain would also apply british territories brussels say spanish government must agree future arrangements britain affect british territory gibraltar spain southern coast ask previously express view future trade deal may offer little automatic access city london financial service firm eu market barnier repeat free access would unprecedented far aware remind aware free-trade deal past european union third countries would allow privilege access financial service tell news conference british negotiators say britain size proximity give leverage negotiate ambitious relationship eu state transition britain maintain access european single market barnier add britain keep benefit also obligations single market customs union common policies say rule la carte term barnier welcome agreements make early month issue irish border citizens right divorce settlement end road say important stage road towards orderly withdrawal rather disorderly one full brexit jan. 2021 eu set transition deadline