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UK, EU start talks on post-Brexit ties
03 Mar '20
2 min read
Pic: Shutterstock
Negotiators from the United Kingdom and the European Union (EU) recently started talks in Brussels aimed at forging a future relationship. The discussions cover trade and trading standards, agriculture, security, transport, energy and fisheries and are being led by Frenchman Michel Barnier for the EU and UK governmental advisor David Frost.
The discussions are expected to wrap up by the end of this year, according to global newswires.
The UK's current transition period, during which it trades like an EU member with no tariffs or other barriers, ends on December 31. British Prime Minister Boris Johnson has ruled out extending it, though he has the option to do so.
Each side has accused the other of shifting away from goals set out in a non-binding political declaration struck late last year. While the UK is insisting on setting its own rules in the name of ‘economic and political independence’, the EU aims to secure a ‘level-playing field’ to prevent the former from undercutting costly European standards on labour, tax, environment and state subsidies.
Barnier has told the United Kingdom to fully respect the binding Brexit withdrawal treaty.
Both sides will witness economic trouble if no deal is reached, but the United Kingdom and Ireland, the EU member most dependent on trade with the UK, will especially feel the pain.
UN economists calculate the trade hit would see the United Kingdom annually lose export revenues of up to $32 billion in that case. The EU buys nearly half of all British exports.
The discussions are expected to wrap up by the end of this year, according to global newswires.
The UK's current transition period, during which it trades like an EU member with no tariffs or other barriers, ends on December 31. British Prime Minister Boris Johnson has ruled out extending it, though he has the option to do so.
Each side has accused the other of shifting away from goals set out in a non-binding political declaration struck late last year. While the UK is insisting on setting its own rules in the name of ‘economic and political independence’, the EU aims to secure a ‘level-playing field’ to prevent the former from undercutting costly European standards on labour, tax, environment and state subsidies.
Barnier has told the United Kingdom to fully respect the binding Brexit withdrawal treaty.
Both sides will witness economic trouble if no deal is reached, but the United Kingdom and Ireland, the EU member most dependent on trade with the UK, will especially feel the pain.
UN economists calculate the trade hit would see the United Kingdom annually lose export revenues of up to $32 billion in that case. The EU buys nearly half of all British exports.
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