What happens to Brexit during the transition period?

UK Prime Minister Boris Johnson's Brexit bill will go to the European parliament next month and if it gets a green light, the UK will formally enter the transition period. Since there won't be any extension to that period, 2020 will be a busy year for both sides to get Brexit done. The most urgent matter is a UK-EU free trade deal. This will be essential if the UK wants to continue trade with the EU without any tariffs or quotas after the transition. Last year, the total UK trade was valued at 1.3 trillion pounds, of which the EU accounted for 49 percent.