Investing.com - The United Kingdom and European Union have agreed on most of the terms for the so-called Brexit transition period. The compromise deal covers the time-frame leading up to the end of the UK's membership in the E.U. So far, the two sides have agreed on the following key points:The transition period runs from March 29, 2019 to December 31, 2020.E.U. and UK citizens traveling to and from the two entities during the period will have the same rights and guarantees as before Brexit. And the UK will be able to negotiate and sign its own trade treaties while remaining part of existing E.U trade pacts during the transition. There are two key areas where agreement between the UK and the other 27 E.U. member states may prove .One is how long the UK is subject to E.U. fishing quotas during the transition period.The other is how the border between the UK, province of Northern Ireland and the Republic of Ireland will be defined.The question is whether trade would continue to flow freely between the two or would a so-called "hard border" have to be created.Member state approval could come as early as the E.U. summit Friday.