Brexit transition period opens challenges facing UK trade policy

“Brexit” transition period opens challenges facing UK trade policy

Xinhua News Agency, London, February 2nd: Overview: Brexit transition period begins, UK trade policy faces challenges Xinhua News Agency reporter Yang Xiaojing recently formally exited the EU and entered the transition period, which ended on December 31, 2020.

Experts believe that in less than a year, it will be challenging and uncertain for Britain to reach a trade agreement with the EU, the United States and other major trading partners.

  With the EU, experts predict that Britain and Europe are expected to reach a basic free trade agreement involving zero tariffs and zero starting points by the end of the year.

  Amar Breckenridge, an expert in international trade policy at the British Economics Frontier Consulting Company, believes that the goal of negotiations between the United Kingdom and the European Union before the end of the year will be to reach a basic free trade agreement that will give the other party tax exemption, market access, and customsMeasures, rules of origin, etc.

  In his opinion, in addition to the basic free trade agreement, Britain and Europe need to resolve other more complex issues through agreements and other forms.

The two sides have differences in fisheries, financial services and other fields, and possible differences to reach a comprehensive trade agreement within a limited time.

  Senior European Reform Centre official Sam Lowe believes that it is possible for Britain and Europe to reach a free trade agreement before the end of the year, but the UK may face a series of prerequisites proposed by the EU, including allowing the EU to enter its fishing waters and promising not to reduce the environment and laborStandards and compliance with state aid laws.

  In addition to British-European trade negotiations, in the transitional period of Brexit, Britain ‘s free trade arrangements with Canada, Japan and other countries, which the EU enjoys in transition, also need to be re-signed. Otherwise, trade with these countries will eventually face no agreement.

  Breckenridge believes that continuation of free trade agreement negotiations with trading partners such as Canada and Japan is a top priority.

He said that the challenge of continuing trade negotiations is that these trading partners lack the motivation to start negotiations with the UK immediately, and some trading partners may decide the terms of negotiations with the UK based on the results of the UK-Europe trade negotiations.

  To be precise, experts predict that the United Kingdom will simultaneously advance trade negotiations with the United States, Australia, New Zealand, and countries, of which the United Kingdom and the United States are the top priority.

  Breckenridge believes that the Anglo-American trade agreement will place higher demands on Britain’s negotiating capacity, and it is unlikely that an agreement will be reached before the end of the year.

He believes that the two sides may use political statements and other forms to achieve mutual recognition of service industry standards and promote investment and business facilitation measures.

  Lowe is also not optimistic about the prospects of Anglo-American trade talks.

He pointed out that the US government’s trade policy is difficult to predict, and the United States may also try to influence the 杭州桑拿 British-European trade negotiations.

Original title: Executive Summary: Challenges Facing UK Trade Policy as “Brexit” Transition Starts