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8 March, 2018 00:00 00 AM
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EU guidelines

Trade ‘frictions’ with UK inevitable after Brexit

'We don't want to build a wall' with UK, says EU President Donald Tusk
AFP

BRUSSELS: The European Union yesterday rejected Britain’s calls for completely free trade after Brexit, saying in its long-awaited guidelines for future ties that frictions were inevitable, reports AFP.

The draft negotiating guidelines released by EU President Donald Tusk warned that there would be “negative economic consequences” as a result of Britain’s vote to leave.

The rebuff came just days after British Prime Minister Theresa May called for the “broadest and deepest possible agreement”, and as her finance minister urged a special deal for the City.

Tusk’s draft red lines, which must now be adopted by the remaining 27 member states, said the EU was bound by Britain’s self-imposed conditions for leaving the European Union. “Being outside the Customs Union and the Single Market will inevitably lead to frictions,” said the draft guidelines seen by AFP. “This will unfortunately have negative economic consequences.”

The EU guidelines added that “there can be no ‘cherry-picking’”—Brussels jargon for getting free access in certain sectors including financial services without the obligations and costs of membership, including respecting freedom of movement of people from EU countries. They did not specifically mention London’s call for its financial services industry to continue having unfettered access to European markets, but said that in “trade in services” Britain would be treated as a third country with different rules to the EU.

Former Polish premier Tusk was due to formally unveil the guidelines at a press conference in Luxembourg with the tiny duchy’s prime minister Xavier Bettel.

The leaders of the remaining 27 EU states must then approve the plans at a Brussels summit on March 22, setting the template for EU negotiator Michel Barnier in trade talks that could start as soon as April.

May used her speech last week to call for an EU-UK deal that worked “more fully than any free trade agreement anywhere in the world today”, while acknowledging it was time to face “hard facts” about the economic consequences of Britain’s shock 2016 vote to leave.

Her finance minister Philip Hammond was to tell the EU in a speech later Wednesday that including financial services in any trade deal was in the “mutual interest” of both Britain and the union.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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