As ‘sticking points’ still hang in the air, Brexit talks enter the ‘final few days’

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It was in January when the UK walked out of the European Union and the episode got its name Brexit, and now the Brexit talks enter the ‘final few days’

Both of them were to mutually come to a common ground concerning the rules and regulations that shall navigate the UK after exiting the EU. However, the shared agreement to a pact still can’t be reached.

Boris Johnson and eu

On Saturday, Boris Johnson and Ursula Von Der Leyen, the British Prime Minister and the president of the EU Commission respectively had a conversation on call that yet again ended non-conclusive.

The discussions and talks have been deadlocked for months now. Many attempts have been made to attain mutuality before December 31.

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Both the leaders met on Monday in Brussels for an interactive negotiation for so-called final Brexit talks but they hit the brick wall again.

In the joint statement released, they cited the reason the matters were left open again as “the remaining significant differences on three critical issues: level playing field, governance and fisheries”.

Before having a look at the issues, let’s have a look at what exactly is Brexit?

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What is Brexit?

Brexit

It is a term coined by former lawyer Peter Wilding. He first wrote about it in 2012. The then-prime minister of UK David Cameron pronounced a referendum on whether should the UK continue as a member of EU or should it retreat.

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European Union is a group of 28 member states (before Brexit). It ensures and enables smooth trade and easy migration and movement of people among these states.

UK has from beginning been a detached kid of the union. It has never been supportive of the trade, security and especially migration policies of EU.

Time in and time out, it has arranged for polls and referendums to give an ear to the public opinion.

At last, it finally managed to step out of the cluster but not without enough problems on its sleeves and now we can see the Brexit talks have entered its final days

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The ‘sticking points’ of the deal

Trade deal

EU and UK are supposed to work out a pact concerning the future dealings of the UK. The areas to be touched are trade, fishing and execution of the agreement.

Clearly the two can’t seem to go along well on same lines which are yet to be decided.

Trade

Brexit deal

Earlier when UK was a member of EU, companies enjoyed an array of benefits. They could buy and sell goods and services across EU borders without having to worry about taxes.

But as the UK gains autonomy, the EU is worried about the UK’s proceedings. It fears that the UK might frame such policies and regulation that might give some companies an edge over the other in the market. Hence there shall be no level playing field for all.

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EU wants UK to come to a conclusion in final Brexit and adhere to some of its rules even after losing it as a member state like workers’ rights, environmental regulations that companies have to follow and financial subsidies given by government to businesses.

On the other hand UK claims that their intention to quit EU was to get rid off the compulsion of sticking to its rules.

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Fishing

Brexit fisher man

Priority and access to waters for fishing has been the another driving force for this argument.

EU wants maximum access to UK waters. The boats should easily be provided access to waters so that fishing sector is not affected by the deal.

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However UK clearly states that it shall prioritize its own boats after 1 January when it resumes power in its own hand.

So the issue is not just about the access but also about the share of access to UK waters after final Brexit talks.

Brexit law

UK is wary of the deal that shall entrust EU with rights to have a say in its domestic legal matters and law framework.

Also EU wants to have the power to retaliate against any improper or inappropriate law of UK that shall harm the interest of any other state.

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Conclusion

Johnson and von der Leyen told in a joint statement  “We asked our chief negotiators and their teams to prepare an overview of the remaining differences to be discussed in a physical meeting in Brussels in the coming days.”

If the EU does not agree to any terms then the UK has an option for no-deal Brexit, but we can still hope of some conclusion before final Brexit However, this will cause damage to the economy.

Brexit import export

When both the counterparts do not come to a settlement point on a trade, then the regulation for the trade of the World Trade Organization will come at the rescue. WTO will execute tariffs and quotas on trade and commerce.

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This will take away the benefits that companies used to enjoy in UK-EU. Commerce will take a hard hit.

Clearly comprise from both sided are to be made equally. The EU’s negotiator Michel Barnier and his UK counterpart David Frost will recommence the talk on Sunday.“We will see if there is a way forward,” Barnier tweeted.

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rosal dahiya | GENUINE MATTERS
Rosal Dahiya
Enjoy expressions of opinion especially in realm of finance, world and economics. Believe in penning pursuasive and meaningful content as the power of words can transform the most insistent and stubborn percetive and even hopefully can also bring a change in present settings of world.

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