'No Deal Avoided' UK-EU Leaders' Call... Agree to Continue Trade Negotiations

Extension of Future Relations Negotiations... Differences Remain in Fisheries, Fair Competition Environment, and Governance Areas

[Image source=AP Yonhap News]

[Asia Economy International Department Reporter] The United Kingdom and the European Union (EU) have agreed to continue talks to reach a trade agreement following Brexit.

British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen spoke by phone on the afternoon of the 3rd (local time) and reached this agreement, according to Reuters and The Guardian.

In a joint statement released that day, Johnson and von der Leyen assessed that while there had been progress in negotiations for a trade agreement after the UK’s withdrawal from the EU, no breakthrough had been found.

Both sides stated, "We agree that it is important to find common ground, if possible, as a strong foundation for the future strategic relationship between the UK and the EU."

They added, "Although there has been progress in negotiations over the past few weeks, significant gaps remain, especially in areas such as fisheries, a level playing field, and governance."

Johnson and von der Leyen urged their respective negotiation teams to "focus efforts on bridging those gaps."

The Guardian, citing EU sources, reported that the call was not a 'game changer,' but also "not unhelpful." This suggests that both sides still have the will to negotiate.

The negotiation teams from both sides are expected to meet several times, traveling between London and Brussels, before the EU summit scheduled for the 15th-16th of this month.

David Frost, the UK Prime Minister’s Europe Adviser and the UK’s chief negotiator, posted on Twitter that they will begin the work instructed by Johnson starting next week.

The EU’s position is that to complete the member state ratification process by the end of the transition period, an agreement must be reached by late October at the latest.

If the UK and the EU fail to reach a trade agreement by the end of the transition period, both sides will have to trade under World Trade Organization (WTO) rules.

This content was produced with the assistance of AI translation services.