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UK and EU may be on the verge of signing a contract

British Prime Minister Boris Johnson (L) was greeted by European Commission President Ursula von der Aleien (R) on December 9, 2020 at the Berlaymont Building in the EU headquarters in Brussels.

Olivier Horselet | AFP | Getty Images

London — Just days before the year-end deadline, the UK and the European Union may be on the verge of signing the long-awaited post-Brexit trade deal.

On Tuesday, EU chief Brexit negotiator Michel Barnier said Brock was making a “final push” to sign a Brexit trade deal with the UK before December 31st.

“We are in a really decisive moment,” Barnier told reporters while explaining to the 27 ambassadors. “We are giving it a final push. Within 10 days, the UK will … leave the single market.”

British Prime Minister Boris Johnson and European Commission Chairman Ursula von der Leyen have embarked on a series of “hotline” negotiations to reach an agreement by the end of the day, the FT reported Wednesday. It was.

However, there are still disagreements on fishery rights and some other issues.

The EU wants fishing fleets to maintain access to British waters, but the UK wants to significantly curb these fishing rights. In a non-consensual scenario, EU access to UK waters can end abruptly and vice versa. Britain has already threatened to deploy gunboats to protect British waters.

There are concerns that some fishing fleets may ignore the restrictions and lead to potential collisions. These are not unheard of. In recent years, a physical skirmish called the “scallop war” has been held between British and French fishing fleets in the fight over the fishery.

British Housing Secretary Robert Jenrick told Sky News Wednesday that “serious disagreements” remain in both the “fair competition” for fisheries and businesses.

“I’m still pretty optimistic, but I have no news to report to you this morning,” he said. “At this point, we haven’t made enough progress. It’s not the deal that the Prime Minister feels can apply to us,” he said.

However, there have been positive reports of the last 24 hours of Brexit negotiations, and ITV political editor Robert Peston argues that an agreement could be reached on Tuesday and Wednesday.

Sterling rose about 0.5% against the dollar to $ 1.34 as traders bet on signed deals.

If the UK and EU do not agree to trade by 31 December, trade will return to the terms of the World Trade Organization, and both sides may impose border checks and import taxes on each other’s commodities. This can lead to price fluctuations in supermarkets and shops.

Britain officially left the European Union on January 31, 2020, but leaders were given 11 months to agree on the rules governing life in Britain and Europe after Brexit.

— CNBC’s Holly Ellyatt contributed to this article.

UK and EU may be on the verge of signing a contract

Source link UK and EU may be on the verge of signing a contract

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