Michel Barnier Warns Time Running Out For Trade Negotiations

Chief Brexit negotiator Michael Marnier has given the UK an ultimatum following the latest round of talks with David Davis and his team. Barnier warned that the UK has just two weeks left to make concessions if it wants to see any progress made by December.

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shareprices.com - Monday, November 13, 2017

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The UK has been asked to clarify what it will pay in the ‘divorce bill’. If it fails to do so, then it will not progress onto discussions regarding trade by the end of the year. Other important issues include finding a solution regarding the Irish border. One leaked document from the EU appeared to propose keeping Northern Ireland a part of the customs union, to prevent there being a hard border in Ireland. Davis, however, said he would not accept a border between Great Britain and the island.

Barnier says that some progress has been made on the issue of citizens rights, with the UK offering some useful clarifications on how a new system would work. He added that now is the time for both sides to work together and to start seeking solutions, noting that this is serious business, and that if we are to find a way forward, it would require both pragmatism and flexibility on both sides of the negotiations.

The UK must agree on the terms of the exit from the EU by early 2019, and leaving without a trade deal would be highly disruptive, and costly, for UK-based businesses.

 

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