THE BREXIT deal talks have been given a 72-hour extension to meet an agreement after “very large gaps” were said to remain between the UK and EU.
The extension was made after Boris Johnson returned from a Brussels dinner, with the President of the European Commission, Ursula von der Leyen, ending without an agreement.
The European Commission is also requesting countries within the EU not to create unilateral deals with the UK if an agreement is not made as it would undermine the single market. This request was made knowing that the UK has had an overall trade deficit – in 2019 the deficit was £79 billion, meaning that the EU exports more to the UK.
Other gaps in the agreement include issues on the EU’s Common Fisheries Policy (CFP) on UK waters.
CFP gives all European fishing fleets equal access to EU waters.
£160m worth of England’s fishing quota is taken up by other EU nations according to BBC research, and the UK wants more control over quotas for fishing in UK waters.
Another one of the hurdles being tackled is on the Irish border, where a deal has had to be met in order to maintain the soft border which has been in place since the Good Friday agreement in April of 98.
The UK currently has a trade deal in place with Japan which would see almost 99% of goods traded with no tariffs.
The value of trade between the two nations was valued at over £30bn in 2019 in a deal that would contribute 0.07% of GDP.
The UK is trying to work similar deals with the U.S, Australia, and New Zealand.
There are some trade agreements already in place for when the deadline hits at the end of the year.
Canada, Iceland, and Norway, and Switzerland have all negotiated trade deals which will roll over from their current EU trade deals.
These Nations all had a total trade value with the U.K of over £20m in 2019.
The UK has also worked out new deals to start with countries outside of Europe and the commonwealth such as South Korea, Egypt and after being signed today a deal signed with Singapore in a deal worth an estimated £17m per annum.
Talks with some countries such as Mexico and Vietnam are still ongoing.