Earlier on Sunday, after a call between leaders, the European Union and the United Kingdom have decided to continue post-Brexit trade negotiations.
Ursula von der Leyen (European Commission President) and Boris Johnson said, in a combined statement, that responsible at this point to cover the extra mile. During the call, both have negotiated primary unresolved topics.
Both sides had described that Sunday was the due for a decision on whether to carry on with negotiations, with the United Kingdom to leave European Union guidelines at the end of the month. Moreover, both leaders decided to tell representatives to keep their negotiations in Brussels to observe whether a contract can be accessed even at this stage.
Leaders didn’t shed light on how long these recent negotiations would keep going, but the final deadline is 31st December. There would be enough time allowed for European and the United Kingdom Parliaments to sign on any agreement that arrives ahead.
During Sunday’s phone call with Boris Johnson, Mrs Leyen described this as constructive and useful. But UK’s Prime Minister iterated his warning from earlier in the week that no agreement situation was most likely.
The EU and the United Kingdom have been continuing talks for a post-Brexit trade agreement since March 2020, and both are struggling to secure one ahead of the so-called transition phase on 31st December, as both sides would go forward toward trading on WTO (World Trade Organization) guidelines.
Products prices can increase in case of no trading deal
In the case of no trading agreement, taxes on goods being sold and bought between both sides, could be announced, which in turn lead to a surge in different products prices.
Ursula von der Leyen explained that despite the exhaustion after around a year-long talks, despite the fact that deadlines have been skipped, again and again, we think it is responsible at this stage to cover one extra mile, joint statement reads.
Boris Johnson later explained that ‘where there is life, there is hope’ and the United Kingdom certainly will not be walking away from the negotiations. Although Johnson added that he has got to iterate the most likely thing now is of course that they have to get ready for World Trade Organizations rules.
He continued that as far as he can see, there are a few serious and very tough problems that now separate the United Kingdom from European Union and the best thing to do now for everyone to start trading on World Trade Organization standards.