• About
  • Advertise
  • Careers
  • Write for us
  • Contact
  • Terms of service
Sunday, June 26, 2022
The Millennial Source
TMS
Home WORLD

UK in no hurry to rush into post-Brexit EU trade deal

February 4, 2020
in WORLD
Source: Bloomberg

Source: Bloomberg

Share on FacebookShare on TwitterShare on Linkedin



On January 31, 2020, the United Kingdom left the European Union bloc after several years of negotiations, pushbacks and controversy. 

With many long-standing agreements no longer valid, it is now up to UK leaders to negotiate new deals on a variety of issues – including trade. However, UK Prime Minister Boris Johnson has been adamant that any future deals wouldn’t be agreed to lightly. Addressing business leaders and international diplomats in London on Monday, February 3, Johnson insisted that “[the UK] want[s] a free trade agreement,” but not at any cost. “I see no need to bind ourselves to an agreement with the EU,” Johnson added. 

Sovereignty a priority 

The European Union is willing to come to terms with the United Kingdom over a new trade deal, but it doesn’t want to capitulate to a nation that just left the bloc – the first to leave in the EU’s history.

Despite Johnson’s tough stance, EU negotiators are clear they will not give the United Kingdom access to their market without playing by their rules. This means adhering to a “level playing field” that includes basic environmental standards and labor regulations. Regulations, however, were perceived as unfair and was one of the main critiques many Britons had concerning the country’s EU membership. Leaders are therefore poised to change the narrative.

After Brexit, Dominic Raab, the United Kingdom’s foreign minister struck a hard tone, but kept some wriggle room for negotiations. “We are taking back control of our laws, so we are not going to have high alignment with the EU, legislative alignment with their rules. But we’ll want to cooperate and we expect the EU to follow through on their commitment to a Canada-style free trade agreement,” he said. Canada’s trade deal with the EU, the Comprehensive Economic and Trade Agreement (CETA), provisionally came into force in 2017, in which many tariffs are waived on cross-border trade. Some UK negotiators see this as a way forward for their deal.   

Moving forward

Official trade negotiations between the United Kingdom and European Union are expected to start in March. The negotiations, however, are expected to last for some time.

Even with the United Kingdom officially out of the European Union, an 11-month transition period is underway. To ensure a smooth transition, this means that the United Kingdom will remain part of the European Union’s customs and single-market bloc until December 31, 2020. If all goes well, a new trade deal could go into effect after the transition period ends, but there is no guarantee that both sides will agree on terms.

[article_ad]

Related

Tags: EuropeLonger readPolitics
ShareTweetShare

Latest Posts

US gun legislation

US Senate agrees to fast-track new gun law

June 23, 2022
January 6 hearings

The fourth day of the January 6 hearings show Trump’s pressure campaign on election officials

June 22, 2022
January 6 hearings

US House of Representatives holds primetime TV hearings on the January 6 attack on the Capitol. Here’s what you need to know

June 13, 2022

Australia says a Chinese military jet created a “dangerous maneuver” at the South China Sea

June 7, 2022

UK’s Boris Johnson survives a vote of no confidence

June 7, 2022

France’s Macron says it’s important to avoid humiliating Putin

June 6, 2022

Biden to travel to Saudi Arabia this month to alleviate oil prices as OPEC+ increases production

June 3, 2022

The EU has reached a deal on its Russian oil embargo

May 31, 2022

US President Joe Biden says he’s prepared for possible North Korea nuclear test during Asia tour

May 23, 2022

SUBSCRIBE TO THE TMS NEWSLETTER

By providing your email, you agree to our Privacy Policy

The Millennial Source Ltd. 2021

No Result
View All Result
  • Your daily briefing
  • About us
  • Explore
    • Startups
    • Climate change
    • Tech giants
    • Crypto
    • The future of work
    • Banking giants
    • Economy
  • Lifestyle
  • Human stories
  • TMS archives
  • Write for us
  • Contact
  • Privacy Policy & Terms

2022 The Millennial Source Ltd.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

string(24) "jsonld single post debug"
The Millennial Source
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.