By Kaveesha Fernando
LONDON, United Kingdom (CWBN)_ With the clock ticking steadily on towards December 31, the UK and the EU are scrambling to reach a Brexit deal before the UK’s transition period runs out at the end of the year.
The United Kingdom formally exited the European Union on January 31, and a transition period of 11 months was agreed upon by both parties. Experts say that the deal must be reached by the end of this week for it to succeed – it still needs to be approved by both EU and UK Parliament before the transition period ends.
British media reports that their sources have indicated that Brexit talks may finally conclude in the next few days, many months after they began. However, one source is said to have stated that nothing is certain – the talks may still fail. If a deal is not reached, the country may see an even more severe economic fallout than that already been caused by the COVID-19 pandemic.
Some have raised suspicions that the UK will use the limited time available to their advantage, and have stated that this will not work in their favour. France’s European affairs minister, Clément Beaune stated that if the UK believed that they had an advantage because time was running out, they were mistaken.
German Chancellor Angela Merkel stated that the European Union would not be willing to reach a deal just because time was running out. “We hope that these talks will come to a happy ending. We don’t need an agreement at any price. We want one but otherwise, we’ll take measures that are necessary. In any case, a deal is in the interest of all,” she stated.
The UK and the EU aim to reach a free trade agreement which does away with trade barriers such as taxes and promotes free trade. If they cannot reach an agreement, the tax rules specified by the World Trade Organisation (WTO) will apply – which will have negative impacts for both sides when the UK finally leaves the European Union over 40 years since they joined.
Edited by Elishya Perera
