Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

UK, EU Make Brexit Talks Breakthrough on Trade Database Sharing

Published 01/09/2023, 09:11 AM
Updated 01/09/2023, 09:45 AM
&copy Bloomberg. A Royal Mail Plc haulage truck trailer being loaded onto a ferry at Larne Port in Larne, Northern Ireland, UK, on Tuesday, July 5, 2022. British Prime Minister Boris Johnson wants Parliament to pass his plan to override the Brexit deal by the end of 2022, but it could take as long as a year to become law if the House of Lords digs in. Photographer: Emily Macinnes/Bloomberg

(Bloomberg) -- The European Union is poised to agree to use the UK’s live database tracking goods moving from Great Britain to Northern Ireland, the first sign of progress in a long-running dispute on post-Brexit trading rules.

An accord was being finalized at a lunch between UK Foreign Secretary James Cleverly and European Commission Vice-President Maros Sefcovic on Monday, according to people familiar with the matter.

The bloc completed testing on the database proposed by the UK last year, and had suggested several areas of improvement, one of the people said. The UK agreed to work on that feedback, the person added.

The development is the first hurdle cleared since talks began again last year after an eight-month stalemate. While it is a technical step, a database deal will raise hopes for a further agreement on trade flows, and may help to reduce customs checks between Northern Ireland and the rest of the UK.

The UK government did not immediately respond to a request for comment.

©2023 Bloomberg L.P.

© Bloomberg. A Royal Mail Plc haulage truck trailer being loaded onto a ferry at Larne Port in Larne, Northern Ireland, UK, on Tuesday, July 5, 2022. British Prime Minister Boris Johnson wants Parliament to pass his plan to override the Brexit deal by the end of 2022, but it could take as long as a year to become law if the House of Lords digs in. Photographer: Emily Macinnes/Bloomberg

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.