Photographer: Girt Vanden Vijangert / Bloomberg
Photographer: Girt Vanden Vijangert / Bloomberg
Negotiators from the UK and the European Union have reached the outline of a post-Brexit trade agreement, and after nearly ten months of frequent discussions are now working to finalize the wording of the deal.
The agreement still needs to be ratified by British Prime Minister Boris Johnson and the EU, according to officials familiar with the matter. That means the deal could still be different, and an announcement could be a few hours away, they said.
For its biggest intraday gain in more than a week, the pound moved 1.6% to 1.3571 dollars. The yield on 10-year UK government bonds was set for the biggest gain since March.
Johnson and European Commission President Ursula von der Leyen personally intervened before the UK left the sole market at the end of the month.
Michelle Barnier told a meeting of ambassadors that progress had been made in the negotiations.
Photographer: Oliver Hasslett / AFP / Getty Images
If they could pull an agreement, it would draw a line under nearly five years of tumultuous negotiations since the UK voted to withdraw from the EU in 2016 and trade and co-operate with Britain for a bloc. Earlier this week, hundreds of trucks backed up around the southern English port of Dover offered a clear reminder of the potential consequences of ending Britain’s transition period on 31 December without a deal.
Read more: Separate UK wants to reopen trade route after days of chaos
Negotiations resumed early Wednesday morning at the commission’s Berlemont headquarters in Brussels, with discussions focused on what access to EU ships to British waters and what rights to avenge the tariffs if the UK should limit the UK in the future.
The two sides have agreed on fishing as a precondition for any comprehensive deal on their future relationship, even though European boats catch European boats in the UK’s waters every year for 150 million euros ($ 90.0 million). And between the EU.
The group’s chief negotiator, Michelle Barnier, told a meeting of ambassadors from the EU’s 27 member states on Tuesday that talks had progressed and a deal could be reached before Christmas – if the British were willing to compromise further on fishing, according to diplomats. He told the private meeting that the conversation could continue even ahead of Christmas or fail altogether.
Senior EU officials said the decision was Johnson’s, while those familiar with the British side said the people of Europe were responsible for moving forward.
Diplomats from the EU’s working group have discussed how a possible agreement could be implemented by January 1, although there is not enough time for formal formal ratification by the EU parliament. When such procedural preparations are not in themselves there is evidence that a deal has been struck, they indicate that the block is preparing for it.
If an agreement is reached, the commission will publish an unofficial text of the draft and send it to member countries and the European Parliament, Moqaddashi said shortly after the preparations. According to the plan, EU envoys in Brussels will have two days to discuss and approve the draft. The written procedure for signing a free trade agreement will then follow, so that it can be published in the official journal of the European Union by 31 December.
– With the help of Tim Ross
(The second paragraph will add the necessary political approval.)
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