"EU Expected to Initiate Emergency Measures if Trade Agreement with UK Fails This Week"

[Image source=EPA Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] Major foreign media outlets reported that the European Union (EU) will initiate emergency measures if it fails to reach an agreement in trade negotiations with the United Kingdom by the end of this week.

According to major foreign media on the 1st, an anonymous senior EU diplomat stated that there are about three weeks left until the Brexit (the UK's withdrawal from the EU) transition period ends on the 31st of this month, and the EU has decided to finalize negotiations on the future relationship, including a trade agreement, with the UK within this period. During the transition period, everything remains exactly the same as before Brexit. The diplomat emphasized, "We have been postponing this for several weeks, but this is the limit."

However, both sides still show disagreements over key issues such as creating a level playing field and fisheries, and are continuing final negotiations. If the two sides overcome these differences, the agreement will cover matters related to trade, energy, transportation, and fisheries. However, if no agreement is reached by the end of the year, trade barriers such as tariffs will arise, raising concerns that the UK will leave the EU without any agreement, a situation equivalent to a 'no-deal' Brexit.

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