It Will Be Difficult for UK to Reach A Trade Deal With the EU by the End of the Year - Forex News by FX Leaders
The Brexit deal means nothing without a trade deal

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

Posted Thursday, February 27, 2020 by
Skerdian Meta • 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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