Brexit talks continue another week to salvage EU trade ties

According to Reuters, negotiations between the European Union and British negotiators on the issue of Britain’s exit from the European Union will continue in Brussels from Monday until midweek, while some sources say they will start on Sunday, a sign that both parties are trying to avoid the losses of the collapse of joint trade whose results will appear in less time. of nine weeks.

The talks are the last way to seal an agreement between them before the decision to leave the European Union takes effect at the end of this year. If the two sides overcome their differences, the new agreement will control everything from trade and energy to transportation and fisheries, but if talks fail, trade in goods and services between the two sides will be damaged by an estimated $900 billion annually due to tariffs and quotas.

A diplomatic source in the European Union and a British official said that negotiations will continue face to face in Brussels on Monday after talks that continued throughout the weekend, and the sources added that a development is expected in the progress of the negotiations and reaching an agreement during Wednesday or Thursday.

EU chief negotiator Michel Barnier said on Friday that there was still a lot to be done to seal the deal. Another EU diplomat added to Reuters that the talks still struggled on the most sensitive issues between them, including issues of fair economic competition, fishing rights and how to resolve differences in the future.

Both sides have already indicated their willingness to make concessions on fisheries – a politically sensitive issue for Britain, France and several other EU countries – and Reuters reported on October 23 that Paris had begun trying to reach an agreement. As time runs out, financial markets and businesses are getting nervous as Britain and the EU face three main scenarios: a deal this year that rescues free trade, secession and causing a turbulent economy on both sides, or a fake deal that will settle future differences. In a few areas, the rest of the problems remain unresolved.

Related Articles

Back to top button