As the deadline for the UK and the EU to reach a free trade agreement approaches, negotiations have intensified with both sides making significant efforts to reach a deal. The negotiations have been ongoing since the UK formally left the European Union on January 31, 2020, with a transition period currently in effect until December 31, 2020.
One of the main issues at the center of the negotiations is the level playing field, which refers to ensuring fair competition between the UK and the EU. The EU insists that the UK must agree to maintain similar standards in areas such as labor rights, environmental protection, and state aid to prevent the UK from gaining an unfair advantage. The UK, on the other hand, argues that it should have the freedom to set its own regulations and standards.
Another key issue is the fisheries, with the EU seeking access to UK waters and the UK seeking greater control over its own territorial waters. The EU is also pushing for a role for the European Court of Justice to oversee the agreement while the UK is opposed to this.
The COVID-19 pandemic has added a new dimension to the negotiations, with both sides struggling to deal with the economic fallout of the crisis. This has increased the pressure to reach a deal that will minimize the economic damage caused by the pandemic.
If no agreement is reached by the end of the transition period, trade between the UK and the EU will be subject to World Trade Organization (WTO) terms, which would result in tariffs and border checks. This could have damaging consequences for both the UK and the EU, particularly in the midst of the COVID-19 pandemic.
Overall, the negotiations between the UK and the EU on a free trade agreement are complex and contentious, with both sides taking a firm stance on key issues. However, there is still hope that a deal can be reached before the December 31 deadline, which would help to minimize the economic damage caused by the pandemic and provide some certainty for businesses and individuals on both sides of the channel. As the negotiations continue, all eyes will be on the UK and the EU to see if they can overcome their differences and reach a mutually acceptable agreement.
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