The European Union on Wednesday said that Britain has to exit the bloc by December 31, 2020.

The bloc’s chief Brexit negotiator Michel Barnier, who said that the United Kingdom would retain the benefits and obligations of being in the union during the transition period, made the announcement at a press conference held at the European Union’s headquarters in Brussels.

However, by March 30, 2019, Britain will be designated as a “third country” and will no longer be represented in union institutions, agencies, bodies and offices, the EU said in a statement.

The bloc’s free trade agreements will not be applicable to the United Kingdom after the transition period and advised the country to initiate “exploratory talks” with others about trade deals and replicate the 750 odd pacts it will be exiting, Barnier said.