Time is running out to enact any trade deal with UK: EU lawmakers
Send a link to a friend
[November 07, 2020]
By Gabriela Baczynska and John Chalmers
BRUSSELS (Reuters) - European lawmakers
said on Friday time was running out to put in place any new trade
agreement between London and the European Union before the end of an
11-month transition period following Britain's departure from the bloc.
Britain formally left the EU last January but has been following the
bloc's rules since then as the two sides try to agree on their future
trade relationship.
The transition period ends on Dec. 31 but negotiators are still trying
to reach an agreement to protect nearly a trillion dollars in annual
trade from possible quotas and tariffs.
Chief negotiators Michel Barnier and David Frost will resume talks in
London on Sunday, but remain divided on the three most contentious
issues -- corporate fair play, fishing rights and the settling of
disputes.
European Commission President Ursula von der Leyen will call British
Prime Minister Boris Johnson on Saturday afternoon to discuss the state
of negotiations, a spokesman for the head of the EU executive said.
Any trade agreement that is reached must regulate issues ranging from
trade and student exchanges to energy ties and transport, and has to be
ratified by the more than 700 members of the European Parliament to be
enacted. The approval of the 27 EU member states is also required.
European lawmakers who discussed the matter on Friday said that for this
to happen, a deal must be in place by the middle of this month.
"Given how far away we are from a deal, that seems increasingly
unlikely," said one European Parliament official. "Time for ratification
is running out."
[to top of second column]
|
European Union chief Brexit negotiator Michel Barnier and British
Prime Minister's Europe adviser David Frost are seen at start of the
first round of post -Brexit trade deal talks between the EU and the
United Kingdom, in Brussels, Belgium March 2, 2020. Oliver Hoslet/Pool
via REUTERS/File Photo
A senior EU lawmaker who took part in Friday's meeting said that
once an agreement was reached, it would have to be scrutinised by
experts in many fields and translated into various languages.
"It's getting tight," the lawmaker said, adding that if the
parliament is to ratify any agreement at a plenary sitting on Dec.
16, it will have to have the full text by Nov. 16.
If Britain and the EU fail to enact a new trade deal from 2021,
trade disruptions are likely to weigh on the European economy,
already suffering because of the coronavirus pandemic.
Barnier and Frost are expected to issue an update on the state of
talks midway through next week. If an agreement looks in reach,
Johnson and von der Leyen could be brought in to try to get a deal
over the line.
(Writing by Gabriela Baczynska, Editing by Timothy Heritage)
[© 2020 Thomson Reuters. All rights
reserved.] Copyright 2020 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|