The Brexit trade agreement framework has been reached



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Original title: The framework of the Brexit trade agreement has been reached and the wording of the agreement is being studied.

After almost 10 months of negotiations that have often caused concern, the UK and the EU have reached a framework for a post-Brexit trade deal and are currently finalizing the drafting of the deal.

According to officials familiar with the situation, the UK and the EU have reached a framework for a post-Brexit trade deal.

The official, who declined to be named, said the negotiator was working to finalize the deal. Others cautioned that the deal has yet to be finalized, and if any news of a deal is announced, it may be several hours away.

The pound rose 1.6% to $ 1.3571 against the dollar, the biggest intraday gain in more than a week. Yields on 10-year UK government bonds are expected to post the biggest increase since March.

British Prime Minister Boris Johnson and European Commission President Ursula von der Lein have personally intervened in recent days and made several phone calls to make one last attempt to reach an agreement before Britain leaves the EU single market later this month.

If a deal can be reached, it will end the nearly five-year negotiations since the 2016 Brexit referendum and lay the foundation for future trade and cooperation between the UK and the EU. Earlier this week, hundreds of trucks were congested near the port of Dover in southern Britain, a reminder of the consequences of failing to reach an agreement when the Brexit transition period ends on December 31.

Barnier told a meeting of ambassadors that the negotiations had advanced.

Negotiations resumed at the European Commission’s Berlaymont headquarters in Brussels early Wednesday. The discussion centered on two major differences around the issue of fishing: the access rights of EU vessels in British waters and what the EU has if the UK restricts access in the future. Power to implement retaliatory fees.

The two sides have viewed the negotiated fishing deal as a prerequisite for reaching a trade deal, although each year EU vessels fishing in British waters are only worth 650 million euros (790 million US dollars) , which is the tip of the iceberg of 512,000 million euros of goods exchanged between the two parties.

Diplomats with knowledge of the situation noted that the EU’s chief negotiator, Michel Barnier, told the 27 EU envoys on Tuesday that the negotiations have advanced and that it is possible to sign an agreement before Christmas, as long as the United Kingdom is prepared to take more action on fisheries. concession. Negotiations can continue after Christmas or they can break up entirely.

Senior EU officials said that decision-making power rests in Johnson’s hands, while those who understand the UK’s position say the responsibility for action lies with the EU.

Diplomats from the EU working group have discussed how to implement the possible deal from January 1 if there is not enough time for the European Parliament to carry out formal approval. Although the procedural preparatory work mentioned above is not sufficient to demonstrate that an agreement has been reached, it implies that the EU is preparing for an agreement.

A diplomat who understands the preparations said that if an agreement is reached, the European Commission will publish an unofficial draft text and send it to member states and the European Parliament. Under the plan, EU envoys in Brussels will have two days to discuss and approve the draft. Then the written procedure for signing the free trade agreement will begin, which can then be published in the official EU gazette before December 31.

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