Overall meaning :
Allah, Glorified and Exalted be He, says to His Prophet, may Allah bless him and grant him peace: Remember, Muhammad, when Allah made a binding and solemn covenant with all the prophets. He said to them, ‘Because I have favoured you by giving you the Book and wisdom, if then a messenger comes forth confirming the truth of what you have been given (that is, Prophet Muhammad, may Allah bless him and grant him peace), then you—and your nations along with you—must believe him and give him support.’ Stressing the solemn and binding nature of the covenant, Allah asked them, ‘Will you affirm this and accept the burden I have laid on you in these terms?’ They replied, ‘We do affirm it and we do accept such terms’. ‘Then bear witness to this,’ Almighty Allah said, ‘and let your followers bear witness to it. I am a witness over you and your nations.’
Those who afterwards turn away and break the covenant with Allah are surely the transgressors, who arrogantly reject Allah’s religion and stubbornly refuse to submit to Him and obey His commands.