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It Will Be Difficult for UK to Reach A Trade Deal With the EU by the End of the Year

Skerdian Meta•Thursday, February 27, 2020•1 min read

The main hopes for the UK after pushing ahead with Brexit, is to reach a trade deal with the EU by the end of the year. But, the EU refused a quick template for a trade deal with the UK, such as Japan, Norway or Canada style deals yesterday, as I highlighted earlier today.

Now, UK officials are playing tough, saying that they can go on without a deal. This seems similar to the Brexit negotiation, so deja vu much anyone? Today, the UK affirmed that it is willing to trade on no-deal basis if talks with EU fails. The UK published its negotiating mandate for trade talks with the EU:

UK’s negotiating mandate with the EU

  • Trade deal should be based on Canada, Japan-style deals
  • UK will not extend Brexit transition period with the EU
  • To decide by June if a deal is possible before December deadline
  • To start no-deal preparations if an accord is not clear by June
  • Wants broad outline of trade deal to be clear by June
  • Will not sign up to alignment on EU rules, regulations

UK Cabinet minister, Michael Gove, comments

  • There is ample time to strike a deal with the EU
  • We want the best possible trading ties with the EU

EU’s Barnier Commenting on UK-EU deal

  • We take note of the UK’s negotiating mandate published today
  • Will discuss respective positions on Monday
  • Will stick with prior commitments in political declaration
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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