When Brexit was announced, many speculated that it would positively influence the BTC course. Today, negotiations between the EU and the UK have come to a standstill, just announced the main EU Brexit negotiator, Michel Barnier.
Brexit and … what next?
– It can’t go on like this – said the Frenchman and said that the agreement between the community and Great Britain must be concluded fairly quickly, before October 31.
Believes the British should follow the political declaration setting out the framework for future relations between the EU and the United Kingdom. In his opinion, the EU is even ready to extend the transitional period for Great Britain by a year or two, but in this case there is not even a final decision of the London authorities. In practice, this means that the UK will leave the common European market by the end of the year.
Chief British Brexit negotiator David Frost feels the same. He emphasizes that there is no progress in talks with the EU, but he added that the overall atmosphere of talks is “positive”.
“Negotiations will continue and we are still striving for a successful outcome”
Also assured Frost.
A rebellious kingdom
Let us remind you that Great Britain left the European Union on exactly January 31. Today the so-called transitional period. By the end of 2020, both parties are to negotiate an agreement on future trade relations and other issues.
Formally, the United Kingdom is already outside the EU institutions, but is still complying with the rights and obligations associated with belonging to a community. It also benefits from the resulting privileges, including participation in the single market.
Negotiations are necessary, however, because contentious issues, e.g. conditions for businesses on both sides of the English Channel, framework for the entire future agreement, the role of the EU Court of Justice and fisheries.
In practice, if the contract is not concluded before the end of the year, so-called hard brexit. This means, among others the need to restore tariffs and tariff amounts in mutual trade and the border between Ireland and Northern Ireland.