Trade talks began about a month after Britain left the EU. EU chief negotiator Michel Barnier and his British counterpart David Frost engaged in the first negotiation session from March 2nd to 5th. Both sides hope to reach an agreement before the transition period ends on December 31.
The EU’s draft proposal calls for fair competition in bilateral trade and close cooperation in external affairs and international security. The draft proposal has been sent to the European Parliament and individual EU members for their opinions.
Some disagreements will be hard to resolve
After the first round of negotiations, Mr. Barnier said there are 4 sticking points between the EU and the UK. First, the UK does not want legally binding rules on competition and trade. Second, the UK refuses to formally commit to the European Convention on Human Rights and does not recognize decisions by the European Court of Justice as binding in UK territory. Third, the UK wants multiple agreements governing different sectors, while the EU prefers one inclusive agreement. Finally, the EU wants to set quotas for marine areas and types of fish, while the UK prefers an equal access principle.
The UK intends to write its own regulations which won’t necessarily follow the EU’s level playing field. But the EU wants an agreement in which the UK will surrender some control in exchange for the right to access the EU market.
Not much time left
The UK left the EU on January 31st to begin a transition period until December 31st. During this time the UK will continue to abide by EU principles.
Observers and negotiators said the first round of negotiations was done in a constructive and serious manner, but reaching any agreement proved difficult. The negotiators are expected to meet every 2-3 weeks until June 30th, alternating between Brussels and London. A summit is scheduled to be held in June to create a roadmap for future negotiations.
It’s clear that the EU and the UK will not reach an agreement before the end of the year if they don’t start making concessions. July will be the deadline for Prime Minister Boris Johnson to decide whether or not the UK will maintain its current relationship with the EU until the end of 2021.