Economy

Boris Johnson, Michel Barnier talk tough on trade

Boris Johnson, Michel Barnier talk tough on trade”

Warning that companies might need to reboot no-deal Brexit planning if there was less chance of a trade agreement being struck by the end of 2020, when the UK's Brexit transition period ends, he said: "The UK can't just stick to red lines; it needs to set out positive, practical steps to what it wants".

Trade talks between Britain and the European Union are due to begin in March and the bloc's own approach to the negotiations needs to be agreed by all 27 member states.

Boris Johnson is to set out his vision for a trade deal with the European Union, saying there is "no need" for the United Kingdom to follow Brussels' rules.

Mr. Johnson gave a passionate defence of free trade, comparing Britain to Clark Kent, ready to "leap into the phone booth and emerge with his cloak flowing as the supercharged champion of the right of the populations of the Earth to buy and sell freely among each other". If the combative exchanges on Monday are any indication, those discussions will be hard fought and acrimonious. Free-trade agreements typically take years.

"Agreement on fisheries will be inextricably linked to the trade agreement".

"If we can not manage by the end of the year, there will be a widespread cliff", he said.

"You can not accuse us of a lack of ambition", he told a news conference in Brussels.

Barnier said fisheries and fair trade would be his top priorities in the talks, with a special focus on denying Britain "unfair competitive advantages".

He pointedly avoided mention of "Brexit", aware of widespread public exhaustion with the subject - even going so far as to describe it as a term from history.

"The question is whether we agree to a trading relationship like Canada, or like Australia". Though of limited economic significance, fishing is symbolically and emotionally important both in Britain and in continental Europe.

Shortly before Johnson spoke, the European Union set out its draft negotiating mandate, calling for "reciprocal access" for fishing vessels, and stating that a free trade area with no tariffs or quotas was contingent on a "level playing field ... ensured through robust commitments".

If the British request is "for access to 450 million consumers, zero tariffs. zero quotas, that won't happen for nothing and without conditions", Mr. Barnier told reporters in Brussels. That helps us fund This Is Money, and keep it free to use.

Britain is aiming for a "Canada-style" free trade agreement with the European Union, which would eliminate nearly all tariffs and cover both goods and services.

The EU is looking for "specific and effective guarantees on level playing field over the long term", meaning upholding high standards on social, environmental, climate, tax, and state aid rules and their future changes.

The pound fell by 1.95 cents to $1.3005, losing 1.5 percent against the dollar - the largest drop since 17 December, and 1.2 percent against the euro - down 1.4 cents to €1.1757. The next 11 months are likely to see intense negotiations on every aspect of the separation deal.

John Allan, 71, president of the CBI, warned that "talk of a bare bones deal could pause investment".

"The choice is emphatically not 'deal or no-deal, '" Johnson said in a speech to business leaders and worldwide diplomats at the Old Royal Naval College in Greenwich on Monday.

Stephen Castle reported from London and Matina Stevis-Gridneff reported from Brussels.

"At best it removes tariffs and quotas", he said.



Like this

loading...
loading...

Latest


04 February 2020
Knicks fire president Steve Mills, Masai Ujiri atop James Dolan replacement list
Mills has been the Knicks' president since July 2017 and previously worked as their executive vice president since 2013. Scott Perry will continue in his role as general manager for the foreseeable future , sources tell Wojnarowski.

04 February 2020
SA vs ENG, 1st ODI: South Africa opt to bowl
South Africa will also be without their Test captain Faf du Plessis and pace ace Kagiso Rabada. Prior to Tuesday, South Africa and England had contested 60 ODIs since the first in 1992.

04 February 2020
Small natural disaster shakes Louisa County
National Earthquake Center geophysicist Don Blakeman told PennLive folks had to be right at the epicenter to feel anything. United States Geological Survey recorded an quake that hit a section of central Virginia on Monday.

04 February 2020
Coronavirus: Britons in mainland China told to leave if they can
According to United Kingdom media reports, the government officials had begun tracing 1,561 recent arrivals from China. The UK evacuees are now undergoing 14 days in quarantine at Arrowe Park Hospital on the Wirral.

04 February 2020
Wuhan coronavirus: Confirmed cases top 20,000 as China marks deadliest day
It was the second instance of person-to-person spread in the United States after a case reported last week in IL . The Chinese government has accused the U.S. of causing "panic" in its response instead of helping.

04 February 2020
Iran to execute alleged spy who gave nuclear secrets to CIA
When he returned in 2010, he was welcomed with flowers by government leaders and even went on the Iranian talk-show circuit. News of Amir Rahimpour's death sentence being confirmed comes at a time of high tension between Tehran and Washington.

04 February 2020
Brexit Day poster being investigated as 'racially aggravated' incident
The words also hail the return of "our great country" and say Brexit means the government will be "putting the British first". "As soon as we became aware of this incident, we reported it to Norfolk Police and they are investigating".

04 February 2020
Ban on new petrol and diesel cars under consideration
It comes as a leaked letter sent to Mr Johnson by the former energy minister revealed that she was sacked by Dominic Cummings, the Prime Minister's chief aide.

04 February 2020
Jennifer Lopez Comments on Kids in Cages After Poignant Super Bowl Moment
Super Bowl LIV was watched by more than 99.9 million people on FOX, rising from last year's broadcast numbers. Instead, let's celebrate it and call it what it is-that's what the Zaghrouta is used for, after all!

04 February 2020
Jessica Simpson 'went back' to John Mayer relationship 'nine times'
The "With You" singer, 39, who is now promoting her memoir Open Book , reflected on her four-year relationship in a preview clip for her US TODAY Show interview.