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‘If none reaches an EU-UK trade deal by Oct-15, then both sides should accept it and move on’, says Boris Johnson

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UK’s Prime Minister Boris Johnson

To strike a free trade deal with the European Union, the UK has set a deadline of Oct 15. With dialogue halted, Johnson stated that a deal would be possible only if EU negotiators are ready to “reconsider their existing positions.” And if none concur, then both sides ought to acknowledge it and move on.” Johnson added, the Reuters reported.

On Sunday, British Prime Minister Boris Johnson talked firmly about the post-Brexit trade discussions with the EU, saying Britain could withdraw from the talks within weeks and asserting that a no-deal Brexit would be a “good decision for the United Kingdom.”

A free trade deal means to encourage trade generally in goods, however, sometimes in services as well by making it more affordable. Mostly, this is achieved by lessening tariff charges for trading across fringe lines.

Currently, the EU and the UK share similar trade guidelines such as competition, workers’ rights, and environmental policies – they’re recognized as level playing field rules. 

However, the EU demands that the UK must adhere to these guidelines, whereas the UK government states it needs the freedom to move on. Currently, access to fishing waters has ended up being a vital issue for both nations. 

If the talks fail to reach a free trade agreement, the UK will have to trade with the EU under the fundamental principles set by the World Trade Organization (WTO). If the UK has to trade under WTO laws, then tariff would be applied to most commodities that UK will trade with the EU. It would make goods more costly and it would be tough to gain market in Europe. 

PM Johnson stated the nation would “flourish powerfully” regardless of whether Britain had “a trade agreement with the EU like Australia’s”.

The EU negotiator Michel Barnier and Britain’s chief negotiator David Frost is scheduled to meet in London on Tuesday for their eighth round of talks. Barnier stated a week ago that he was “concerned and discouraged” by the lack of development and expressed that the U.K. hadn’t “engaged productively,” BBC reported.

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