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Y today was not the long awaited agreement on future trade relations between the EU and Great Britain. Negotiators on both sides of the next round in London said they were pausing talks to speak with politicians and receive instructions on how to proceed, Reuters reported.
This comes less than four weeks before Britain finally leaves the EU orbit on December 31. The two negotiators said talks were blocked on three main issues and each insisted on concessions from the other so that more favorable trade rules could be agreed upon between them.
“After a week of intense talks in London, the two main negotiators agreed today that there are still no terms for an agreement due to significant differences in trade rules, government regulation and fisheries,” said Michel Barnier of the EU and David Frost of the UK in a joint statement.
They agreed to pause so they could brief their leaders on the status of the negotiations. Tomorrow, the president of the European Commission, Ursula von der Leyen, and the British Prime Minister, Boris Johnson, will discuss the situation, they said.
If the two sides fail to reach an agreement, the 5-year Brexit process will end in economic, commercial and financial chaos across Europe and beyond, a nightmare scenario for companies and investors.
German Chancellor Angela Merkel has taken the initiative to help reach a “compromise.” This will allow the Brexit trade deal to be finalized without further complications, The British Guardian reported.
Her spokesman, Stephen Seibert, said earlier that day that Merkel had recognized the right of each country to have its own “red lines,” but that there was always room for compromise.
The EU’s chief negotiator for Brexit, Michel Barnier, confirmed that the terms of a post-Brexit deal with Britain were not met in the latest round of talks “due to significant differences in a level playing field, governance and fishing”.
Barnier added that on Saturday, European Commission President Ursula von der Leyen and British Prime Minister Boris Johnson would discuss the current situation in the talks and the prospects for their future development. Earlier in the day, Barnier was reported to have hinted at the possibility of talks between Brussels and London continuing next year.
