EU and UK "Very Serious Disagreements in Trade Talks"... Concerns Over 'No-Deal' Brexit

[Asia Economy Reporter Ki-min Lee] Michel Barnier, the EU's chief negotiator for future relations talks with the United Kingdom, stated on the 4th (local time) that very serious disagreements remain in the trade negotiations between the two sides.

On the same day, Barnier tweeted, "Despite the EU's efforts to find a solution, very serious differences remain regarding the level playing field, governance, and fisheries," adding, "These are essential conditions in any economic cooperation relationship." However, he added, "The EU is prepared for all scenarios."

David Frost, the UK's chief negotiator and Prime Minister's Europe Adviser, also tweeted, "There remain very significant differences on some key issues," and said, "We will continue to work to find a solution that fully respects the UK's sovereignty."

After the UK left the EU on January 31, both sides agreed to complete negotiations on future relations, including a trade agreement, by the end of this year to ensure a smooth Brexit transition.

However, as Barnier noted, the two sides have not been able to narrow differences on major issues such as the level playing field and fisheries. Therefore, negotiations have been intensified over the past two weeks, aiming to reach a new trade agreement by the 15th of this month, with final talks underway.

Nonetheless, it remains uncertain whether this round of talks can be completed by the 15th. Major foreign media, citing a meeting participant, reported that Barnier gave a confidential briefing on the negotiations to ambassadors of the 27 EU member states but did not provide assurance or a timeline for the trade talks to be concluded on time. The senior diplomat explained that Barnier was not confident that an agreement would be reached.

Another senior EU official said there had been only slight progress in the negotiations, and the two sides would continue video talks before meeting in London next week. Another EU diplomat said, "It seems the UK is not sufficiently focused on the key issues," adding, "Considering this situation, a no-deal cannot be ruled out."

If no agreement is reached by the end of the year, trade barriers such as tariffs will arise, raising concerns that the UK could leave the EU without any agreement, effectively resulting in a 'no-deal' Brexit.

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