UK reluctantly extends Brexit deal deadline until April, slams EU for inefficiency
The UK administration, on February 23, granted the European Union (EU) two more months to approve their bilateral trade deal that sets out relations post Brexit
- World News
- 3 min read
The British administration, on February 23, granted the European Union (EU) two more months to approve their bilateral trade deal that sets out relation following the UK’s separation from the bloc. After months of fraught talks, both the UK and the EU had agreed on the deal in December, days before the UK’s transition deadline. The deal, which consists of terms on tariffs, was set to be inked and stamped by the end of this month; however, EU had asked for an extension.
Citing reasons for delay, the 27 member block stressed that they needed to translate the manuscript in other different languages owing to multilingual member states. The request was approved by the Boris Johnson administration, which rescheduled the deal ratification deadline to April 30. However, it blatantly called out on the bloc’s inability to stick to the given timeframe and said that it would extend the uncertainties for businesses on both sides.
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“It is disappointing the EU has not completed its internal processes in the agreed timeframe, given the uncertainty it creates for businesses and individually on both sides,” a statement by the UK government read.
What is in Brexit deal?
As per the summary published on the UK government website of the UK-EU Trade and Cooperation Agreement’s summary, both sides have agreed to “unprecedented 100% tariff liberalisation”. This means that all tariffs have been scrapped along with quotas on the movement of goods produced by Britain and the union. This is also the “first time” that the 27-nation-bloc has agreed to a ‘zero tariff zero quota deal’ with any other trading partner, starting from January 1, 2021.
The Brexit deal also includes the provisions to support the trade in services providing UK with service suppliers with legal guarantees that will not face any disruptions to trade while selling into the union along with supporting British professionals who will continue their business across Europe.
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Apart from cooperation in trade that is roughly half of the $900 billion of annual EU-UK commerce, both sides have also ensured “streamlined co-operation on law enforcement” in order to tackle crime as well as terrorism. The summary evidently states that the entire deal is based on international law and not EU law. It added, “There is no role for the European Court of Justice and no requirements for the UK to continue following EU law.”
(Image credit and inputs: Associated Press)