The British government will ask for a delay to Brexit at an EU summit in Brussels on Wednesday, holding out the hope that its deal with the EU will eventually be approved by parliament.
The divorce deal is aimed at ensuring a smooth exit from the European Union, to be followed by a transition period that could last until 2022.
The 585-page withdrawal agreement was voted down overwhelmingly by the British parliament in January, and twice again last month.
It is accompanied by a political declaration on future UK-EU relations which Brussels has said it could rapidly revise if London were to drop its red lines such as leaving the customs union.
Here are the main points of the deal:
A transition period lasting until December 31, 2020, would preserve the status quo and allow time for Britain and the EU to negotiate their future relations.
It would also allow governments, businesses and individual citizens to adapt to life after Brexit.
The only major difference during that period is that Britain would no longer be represented in EU institutions.
Britain would continue to participate in the EU Customs Union and the Single Market and must respect EU rules on free movement of goods, capital, services and labour.
The transition period can be extended once for one or two years, meaning it could last until December 31, 2022.
The deal outlines a “backstop” arrangement to prevent the return of border checks between the British province of Northern Ireland and the Republic of Ireland if the sides fail to agree a free trade pact following the transition period.
This would kick in if the transition period runs out and the new UK-EU relationship has not been agreed.
Under the arrangement, Britain and the EU would form a single customs territory and Northern Ireland would also follow EU single market rules on the movement of goods to allow the border to remain free-flowing.
Northern Irish businesses would be able to bring goods into the EU single market without restrictions.
The EU or Britain could decide that the backstop arrangement is no longer necessary â but crucially they must take the decision together.
Some British MPs fear Britain could be stuck in the arrangement indefinitely, which would hamper its ambition to develop an independent trade policy.
The draft deal preserves the rights of the more than three million EU citizens living in Britain and the one million British citizens living in the EU.
EU and UK citizens, as well as their family members, can continue to live, work or study, enjoying equal treatment to host nationals under the respective laws.
It covers all such citizens who arrive before the transition period ends.
They will maintain their right to healthcare, pensions and other social security benefits.
EU citizens arriving in Britain after the end of the transition period â whenever that is â will be subject to more stringent immigration rules that are currently being debated in the British parliament.
Covering Britain’s outstanding financial obligations to the bloc, it calls for a fair settlement for UK taxpayers that the British government estimates to be up to Â£39 billion (45 billion euros, $51 billion).
With longstanding Spanish claims to Britain’s Mediterranean outcrop of Gibraltar, all sides sought to defuse any future tensions.
The deal provides for Spanish-British cooperation on citizens’ rights, tobacco and other products, environment, police and customs matters.
It sets the basis for administrative cooperation for achieving full transparency in tax matters, fighting fraud, smuggling and money laundering.
The 26-page political declaration is a statement of intent calling for “a free trade area combining deep regulatory and customs cooperation”.
The government is currently in talks with the main opposition Labour Party over possible revisions to this document to call for stronger economic ties.
The document is in any case not legally binding and there is concern that a future British government could overrule any changes to the declaration.