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Talks between the EU and the UK came to a halt after both sides said there were “significant differences” on key issues.
Negotiators expected a conversation between Prime Minister Boris Johnson and the President of the European Commission, Ursula Von der Leyen it would provide the political impetus to unblock the impasse.
But given that there are still gaps between the two parties, what is at stake if an agreement is not reached? Sky News explains.
Tariffs and customs controls
Free trade between the EU and the UK ends on January 1 and, without a deal, the UK would trade on the terms of the World Trade Organization (WTO).
Imports and exports to and from the EU, and other countries with which the UK does not have a trade agreement, would be subject to tariffs and controls at the border, meaning that some products could become more expensive.
Under WTO rules, medicines are not subject to tariffs, but there could still be delays.
The government has warned of long lines if freight drivers don’t fill out paperwork ahead of time, even if a deal is reached, and a truck park is being built in Kent to help with any disruptions.
Products entering the UK will not face full customs checks for six months under a gradual approach, but the requirements will increase until July 2021.
North Ireland
The Northern Ireland protocol, set out in the Withdrawal Agreement, means that even if there is no agreement, Northern Ireland will remain aligned with some of the EU customs rules and standards to prevent goods from being controlled throughout the Irish border.
However the Internal Markets Law Project it could give ministers the power to override EU customs law. The government says it is simply trying to clarify the terms of the protocol to avoid disruptions.
Travel – Aviation
Without any agreement on aviation, flights between the UK and the EU could be suspended, but both sides have indicated that flights would be allowed to continue in the event of no agreement.
British airlines, however, will no longer be under the supervision of the EU Aviation Safety Agency.
Travel – Roads
Anyone driving to Europe in their own car may need additional documentation such as a green card or an international driving license.
The licenses that carriers need to work in Europe would no longer be valid and would depend on a limited number of permits from the European Conference of Transport Ministers.
Travel – Pets
The existing pet passport scheme will end on January 1 and owners will need to apply in a new process that can take four months.
Travel – Visas
Those traveling to the EU will not need a visa for stays of up to 90 days outside of any 180-day period in the EU.
However, a visa may be required for longer stays or to work or study.
Fishing
Fishing accounts for less than 0.1% of the UK economy, but control over UK waters has become a symbolic issue for Boris Johnson and EU countries such as France, Belgium, the Netherlands and Denmark .
Without a deal, the UK could stop the EU’s access to UK fishing waters and have full control over its fishing quotas.
However, UK fish heading to the EU market, which makes up the majority of our fish exports, would be subject to tariffs.
Mobile roaming charges
Without an agreement, mobile operators will be able to implement roaming charges after the transition period.
However, bilateral agreements between EU and UK operators could avoid roaming charges.
Legislation has been passed to ensure that people are protected against charges of more than £ 45 a month without knowing it.
State aid
The issue of state aid occupies a central place in the debate on the level playing field on fair competition.
In a no-deal scenario, the UK government could step in to support businesses without being subject to EU state aid competition rules.
Under the Withdrawal Agreement, Northern Ireland would still have to stay aligned with EU rules.
However, the Internal Markets Bill, which is back in the House of Commons on Monday, could give ministers powers to override state aid rules in Northern Ireland.
The UK would still have to follow the more flexible WTO agreement on subsidies and countervailing measures on goods.