Fresh Biz Deal between US & UK to Begin in London

The EU and UK officials are likely to resume trade talks in London soon. Through this, they will try to bridge the gap between the two sides, what they termed a significant difference on fishing quotas and competition issues.

Boris Johnson said that the outlines of an agreement were clear and a deal was there to be done. But he has insisted the UK is prepared to leave the single market and customs union on 31 December without agreement. The EU's chief Brexit negotiator Michel Barnier and his UK counterpart Lord Frost are in a race against the clock to conclude a future economic partnership in time for it to come into force when the post-Brexit transition period ends on 31 December. The UK had on January 31, 2020 left the EU but continued to follow the bloc's rules until the end of the year. If there is no agreement at that point, trade between the two will default to World Trade Organization (WTO) rules - with tariffs set to be introduced on many imports and exports, pushing up costs for firms and consumers.

Both sides say they want to avoid this although the EU has said it will not do a deal at any price. The UK is willing to leave on what it calls Australian terms - which it conceives as limited sector-by-sector agreements mirroring the EU currently has with Australia. It means that the UK will efficiently trade under the WTO guidelines. Johnson said that a more comprehensive deal on trade in all goods and services, based on the EU's agreement with Canada, was in progress. He added, "I have always been a great enthusiast for a trade deal with our European friends and partners”. The broad outlines are pretty clear, we just need to get on and do it if we can.

After a telephonic conversation with Johnson, the European Commission President, Ursula von der Leyen, said that some progress had been made in recent weeks after the EU agreed to discuss specific legal texts. She further said that a large difference remained over the question of access to British fishing waters from 2021 and regulations on the rights of worker environmental protection and state aid designed to maintain a level-playing field. Before visiting London Barnier tweeted that any deal must respect the interests and values of the EU and its 27 member states.