Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Britain not at back of queue for EU trade deal: Commissioner

Published 09/14/2017, 07:43 AM
Updated 09/14/2017, 07:50 AM
© Reuters. A Union Jack flag flies above the London Eye in London

BRUSSELS (Reuters) - A trade agreement with post-Brexit Britain is a priority for the European Union and the United Kingdom will not have to wait in line behind others for talks to start, a senior European Commissioner said on Thursday.

"I've read papers that sometimes refer to some of us saying that the UK is the last possible partner with whom we want to negotiate trade. Forget this nonsense," Jyrki Katainen, one of six Commission vice presidents at the EU executive, told a news conference.

The EU has insisted that it will only begin negotiations about future economic relations with Britain once enough progress has been achieved on divorce matters, namely the rights of citizens, a payment by Britain to the EU and on the Northern Ireland border.

"As soon as we know when we can start negotiating about the future arrangement, (trade) negotiations will start then. There's no political priority that we want to keep the UK as the last in the queue," Katainen said.

The European Union in July struck a preliminary trade deal with Japan and is aiming to conclude talks with Mexico and the Mercosur countries - Argentina, Brazil, Paraguay and Uruguay - by the end of the year.

Further negotiations are underway with a range of countries and regions across the world and the bloc hopes to start and finish talks with Australia and New Zealand in the next two years.

Katainen, a former Finnish prime minister whose EU responsibilities are jobs, growth, investment and competitiveness, said the European Commission had shown it was capable of holding several trade negotiations at the same time.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"So no need to provoke the situation anymore. It is complicated enough," he said.

EU Trade chief Cecilia Malmstrom said the Commission, which negotiates trade deals on behalf of EU countries, had a "fantastic simultaneous capacity" to negotiation such accords.

"Keep calm. Don't panic," she said.

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.