EU talks continue, but 'time is short' to reach post-Brexit deal

Andrew Cummings
November 24, 2020

An EU diplomat, who spoke under condition of anonymity, said such an idea was under discussion but the bloc wanted it linked to the overall trade agreement, meaning fishing rights could be renegotiated only together with the rest of the trade rules. "I would be hopeful that by the end of this week we could see the outline of a deal", said Mr Martin.

Trudeau and Prime Minister Boris Johnson, who were joined by Canadian International Trade Minister Mary Ng and British International Trade Secretary Liz Truss, made the announcement via a (very chatty) live video news conference on Saturday morning.

No new trade deals can start until the transition period ends on 31 December.

The deal will secure zero tariffs of cars from the United Kingdom to Canada, which totalled some £757 million in sales past year, as well as tariff-free exports on 98 per cent of British goods including fish, beef, seafood, and soft drinks.

The UK and Canada have agreed a deal to continue trading under the same terms as the current European Union agreement after the Brexit transition period ends.

The agreement does not give any new benefits to businesses.

But it rolls over the Comprehensive Economic and Trade Agreement reached by the European Union and Canada after seven years of negotiations.

Welcoming the continuity deal, Mr Trudeau suggested a new comprehensive trade agreement with the United Kingdom would take several years to negotiate.

There is a small outpost of British territory in the Pacific Ocean in the form of the Pitcairn Islands.

The deal with Canada marks the second major trade deal to be secured ahead of the completion of the Brexit transition period, following the announcement of a trade deal with Japan over the summer.

Britain is also expected to secure a trade deal with Australia by Christmas, according to former Australian prime minister turned British trade envoy Tony Abbott. That's because it's in an 11-month transition - created to give both sides some time to negotiate a new trade deal.

"I think it's in the best interests of both sides for there to be a trade agreement and for that trade agreement to have a strong element of goodwill around it on how it's implemented", he told British lawmakers on the Treasury Select Committee.

The EU official said annual renegotiation of fishing quotas was a "no-go" for the 27-nation bloc.

Other reports by iNewsToday