Britain and the European Union on Monday reached a landmark deal on a transition phase that will last for almost two years after the historic Brexit divorce next year, EU negotiator Michel Barnier said.
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The report said “simple arithmetic” indicated little scope for consumer prices to dip considerably in the wake of Brexit despite leaving the customs union – giving Britain the opportunity to have an independent trade policy and cut tariffs on imports.
Davis, the UK Brexit Secretary, said the transition agreement, which is conditional on both sides agreeing a final withdrawal treaty, would smooth the path to a future permanent relationship.
The British pound rose on Tuesday ahead of consumer inflation data, with traders buying sterling a day after agreement for a Brexit transition deal sent the currency sharply higher. The two halves of Ireland have enjoyed an open border, as decided by the 1998 Good Friday Agreement, the basis of not only the border but also the peaceful truce between Northern Ireland and the Republic of Ireland.
While ABTA chief executive Mark Tanzer welcomed news of the proposed transition period he said: “We don’t know what or where we are transitioning to”.
The PM has also caved in on the status of Northern Ireland, agreeing that it will remain in regulatory alignment with the European Union as a fall-back position should a comprehensive free trade agreement or technical solution not be ready to otherwise prevent a hard border on the island of Ireland.
“That buys valuable time to implement the Green Card for Europe proposal we have been advocating but it does nothing to alleviate uncertainty about what will happen when the transition period comes to an end”. The Fishing for Leave campaign called the agreement a “pitiful, disgusting, abject betrayal” and predicted the likely demise of what remains of the industry.
BRITAIN will be able to negotiate and sign free-trade deals during the transition, in a major win.
It appears nothing will change at least through the Implementation period.
O’Rourke also expressed her concerns that the ability for United Kingdom trademark attorneys to continue to represent clients and businesses before the EUIPO is not yet clearly addressed in the withdrawal agreement.
The UK insist for a system of mutual recognition of regulations and a set of rules that are more sustainable and not subject to unilateral cancellation.
“I want to see three things: we’ll take back control of our waters, we will ensure that we don’t see British fishermen unfairly denied access to other waters, and we want to rebuild our fishing industry”.
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The EU has been steadfast in its position that financial services had never been included in a free trade agreement before Brexit, but the bloc’s intention to include services in its proposed free trade agreement with the US (TTIP) suggests that this stance is not so doctrinal that it can not be reversed.
