U.K. and E.U. officials begin trade talks, agreement breakdown looms
Officials of the British government and the European Union will commence their trade negotiations on Monday to bridge gaps between the E.U. and the U.K. brought about by the eventual Brexit. However, breakdown fears grow amid the incipient trade talks.
Three individuals familiar with the development raised concerns that both parties are waving red flags which might deter the agreement by April.
The U.K and the E.U. are clashing against certain issues including stated aid, in which the E.U. would want the U.K to adhere to the Union’s standards even after the former left its single market.
On the other hand, British Prime Minister Boris Johnson expresses his concern over EU officials worried about him retracting his commitments to avoid establishing a hard border on the island of Ireland.
Once the trade talks breakdown occurs, Britain will leave the E.U. single market and customs union without special trading agreements or provisions at the end of the year. If this happens, major disruptions of trading activities will create huge economic damage for both markets.