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No new deadline has been introduced on Sunday, but von der Leyen mentioned it was “responsible” to go “the extra-mile,” including that she had “constructive and useful” cellphone name with Johnson.
Speaking in London, Johnson mentioned the 2 sides stay “far apart on key issues,” and warned that “the most likely thing now is we have to get ready for WTO terms, Australia terms,” he warned.
Australia would not have a free commerce settlement with the European Union, although talks to safe one are in progress. The expression “Australia terms” has been extensively utilized by Johnson and his authorities as an euphemism for a no-deal Brexit.
But the time period is deceptive, as a result of Australia and the EU have already got a Mutual Recognition Agreement, which makes it simpler for producers to safe the regulatory approvals wanted to promote their items. However, the UK would not have such an settlement with the EU.
If no deal is agreed, it could be compelled to commerce with the bloc in accordance to guidelines set out by the World Trade Organization. That would imply new tariffs and different boundaries, corresponding to regulatory checks and paperwork.
The British PM mentioned his authorities will proceed to strive to attain a commerce deal, but warned there is probably not a decision by the January 1 deadline. “I do think there is a deal to be done but we remain far apart on key issues.:
“And now we have to take again management of our fisheries,” Johnson said.
The European Union and the UK have been trying for months to agree on a trade deal before the Brexit “transition interval” ends at midnight on December 31. Earlier this week, a joint statement by Johnson and von der Leyen cited three “vital” sticking points: fishing rights, the UK’s ability to diverge on EU standards, and legal oversight of any deal.
Failing to reach a trade deal would be economically painful for both the EU and the UK, although the impact on the UK would be disproportionately larger, because the EU is by far its biggest trading partner. Losing access to its single market would cut UK’s businesses off from Europe’s 450 million consumers, and burden them with extra tariffs and red tape.
The UK Office for Budget Responsibility (OBR) estimates that a no-deal Brexit would knock off £40 billion ($53 billion), or 2%, of the UK’s economic output in 2021, and leave more than 300,000 people unemployed by the second half of next year.
However, the OBR said in November that even if London and Brussels can reach a deal, their new trading relationship is expected to lead to a long-run loss of output of around 4% compared to Britain remaining in the European Union.
Ireland, which stands to lose the most on the EU side, said it was “completely crucial” that the UK and the EU reach a post-Brexit deal. The Irish Prime Minister, or Taoiseach, Micheál Martin told the BBC on Sunday that a no-deal scenario would be “so damaging to employees” in the UK, Ireland and across Europe, and represent “an appalling failure of statecraft.”
Johnson said on Thursday that he had directed his cabinet to prepare for talks to fail, and the EU has released plans aimed at keeping its borders open to commercial aircraft, trains and trucks.
The UK Ministry of Defense said Saturday the UK will have “a variety of sturdy enforcement measures” available at the end of the Brexit transition period, including “quite a few” offshore patrol vessels available in its territorial waters.
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