Don't panic about Brexit (yet)
Don’t panic, yet. A Brexit trade deal will likely still get done - despite the screeching headlines of the EU threatening legal action over the UK’s proposed rewriting of the Northern Ireland Protocol
Don’t panic, yet. A Brexit trade deal will likely still get done - despite the screeching headlines of the EU threatening legal action over the UK’s proposed rewriting of the Northern Ireland Protocol
The stakes are simply too high for both sides. The UK is just trying to create public space for itself to compromise on key issues – fish – and claim some victories on state aid. Despite the pandemic and this suspect behaviour by the UK on respecting prior agreements, the negotiations had already reached the expected technical conclusion. It’s now time for the politicians to wade in, make the murky compromises, and allow the negotiators to wrap up for a quick ratification in November.
So where are we now? What should a deal contain? What are the deal blockers? And what will the extra time look like?
5 key components under discussion in the FTA:
Any UK – EU FTA will contain five key components:
Failure to achieve this will result in the UK Brexiting without an FTA, with major impacts to cross-border trade.
What are the Brexit deal blockers?
The three major stumbling blocks to striking an FTA are:
Playing into negotiating extra time
All of the above is part of the normal free trade agreement process. It’s just not meant to be played out on the front pages, on the broadcast news or in your Facebook stream.
The ninth and final negotiations will be done by early October. There will be an EU Council meeting on October 15. Then some emergency meetings with key leaders. Then a deal will emerge that everyone will claim as a victory. The EU Single Market and Northern Ireland security will be preserved. The UK will have gained full control on fishing and state aid, and be free to conquer the world. Everyone is a winner.
Oh, except hundreds of thousands of businesses. Who will have a week or two, at best, to implement the agreement on billions in trade.
Is anyone thinking about them?