Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

EU-UK trade talks set to go past mid-November deadline: sources

Published 11/11/2020, 04:39 AM
Updated 11/11/2020, 05:51 AM
© Reuters. British Prime Minister Boris Johnson visits Luxembourg

© Reuters. British Prime Minister Boris Johnson visits Luxembourg

By Gabriela Baczynska

BRUSSELS (Reuters) - Britain and the European Union are likely to miss their mid-November deadline to clinch a post-Brexit trade deal, with talks in London to break a deadlock expected to run through the end of this week, sources on both sides told Reuters on Wednesday.

Britain left the bloc last January. A status quo transition period expires at the end of the year, and talks on trade rules from the start of 2021 have yet to yield a breakthrough.

Ambassadors of the 27 EU member states in Brussels will not be updated on the talks at a regular meeting on Wednesday and the issue is now tentatively pencilled in for their meeting on Nov. 18, a senior EU diplomat said.

The pound wobbled against the U.S. dollar on the news that talks might go beyond the mid-month deadline.

However, in a sign that the estranged allies are still pushing for an agreement, EU sources said they now expect negotiators to come up with an agreed text in the middle of next week, unless talks collapse or there is a breakthrough earlier.

"The real cut-off point is late next week," said one EU diplomat who follows Brexit in EU hub Brussels.

A British source also said the negotiating teams' talks in London were expected to last through the end of this week.

© Reuters. A member of the media points his camera at European Union's chief Brexit negotiator Michel Barnier wearing a face mask as he walks to Brexit trade negotiations in London

Divvying up fishing quotas, ensuring fair competition for companies, including rules on state aid, and agreeing how to settle any trade disputes in the future are the main sticking points that have so far barred an agreement.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.