Is a chaotic Brexit looming after latest spat? | The Business Standard
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
The Business Standard

Tuesday
September 26, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
TUESDAY, SEPTEMBER 26, 2023
Is a chaotic Brexit looming after latest spat?

World+Biz

Reuters
10 September, 2020, 06:30 pm
Last modified: 10 September, 2020, 06:35 pm

Related News

  • EU urges Poland, Hungary, Slovakia to be constructive on Ukraine grain
  • Erdogan says Turkey could 'part ways' with EU if necessary
  • EU calls on Bangladesh to foster enabling environment for civil society to work 'without fear of reprisals'
  • US, EU agree on Mideast-India rail and shipping corridor at G20
  • EU tells Turkey to 'address democracy' before membership

Is a chaotic Brexit looming after latest spat?

The EU hopes Britain’s Internal Market Bill put forward on Wednesday will be altered

Reuters
10 September, 2020, 06:30 pm
Last modified: 10 September, 2020, 06:35 pm
The British union flag is seen fluttering as the clock face of Big Ben shows eleven o'clock, London, January 30, 2020. REUTERS/Toby Melville
The British union flag is seen fluttering as the clock face of Big Ben shows eleven o'clock, London, January 30, 2020. REUTERS/Toby Melville

The risk of a "no-deal" Brexit has increased since Britain presented new legislation that would undercut its divorce treaty with the European Union, angering the bloc and undermining trade talks.

The two sides were holding emergency talks on Thursday. If they fail to provide enough assurances that London will stick to its legal commitments, the bloc would take legal action against Britain.

The EU hopes Britain's Internal Market Bill put forward on Wednesday will be altered. Otherwise, both sides are likely to step up contingency planning for an abrupt split at the end of Britain's post-Brexit transition period ending on Dec. 31.

Here is a possible schedule of potential next steps.

MONDAY, SEPT. 14

The Internal Market Bill must pass through both houses of British parliament before becoming law.

The legislation will be debated in principle in the lower house on Monday, and then in detail over four further days. Lawmakers can propose and vote on changes, testing Johnson's authority and the strength of his 80-seat majority.

A bigger test is expected in the upper chamber, where Johnson's Conservative Party has no majority. This stage of debate has not been scheduled yet.

JOINT COMMITTEE

Eyes are also on what progress on defusing the row can be made in coming weeks through a Joint Committee headed by European Commission Vice President Maros Sefcovic and senior British minister Michael Gove.

For trade talks, the EU needs clarity before the next negotiating round on Britain's state aid plans. Otherwise, it says it will be unable to agree with London on provisions on corporate subsidies to guarantee fair market competition.

MORE TRADE NEGOTIATIONS

More negotiations on a new relationship between the EU and Britain are due in Brussels in the week of Sept. 28-Oct.2.

Keen to avoid being assigned blame if talks break down, the EU has said it will not walk away from the table despite the spat over implementing the divorce treaty.

TUNNEL?

The EU says applying Britain's Withdrawal Agreement is a separate track from future partnership negotiations, though controversy around putting the divorce deal into practice weighs on trade talks.

For now, the EU wants to keep on talking to London to try to salvage the new deal and ensure the divorce agreement is honored.

Disagreements over fisheries, level playing field guarantees of fair competition – including on state aid – and over ways to solve future disputes have been the main stumbling blocks in trade talks.

If there is tentative progress on these issues, the sides could go into "tunnel" talks – more intense and secretive negotiations until mid-October.

That would be unlikely, however, if rancor over Britain's Internal Market Bill overshadows trade talks.

OCT. 15 DEADLINE/EU SUMMIT

Prime Minister Boris Johnson has said he wants a deal with the EU by Oct.15, or Britain will leave trade talks and focus on contingency plans for a no-deal economic split from the EU.

EU leaders are due to meet in Brussels on Oct. 15-16. If a deal is not in the making by then, the summit would be likely to underline the need for contingency preparations by the EU, highlighting the risk of a 'no-deal'.

END-OCTOBER/FIRST DAYS OF NOVEMBER

The EU has said Brexit negotiators must have a deal ready by the end of October – or the first days of November at the very latest – to allow time for ratification in the European Parliament and many of the bloc's national assemblies by the end of the year.

Some EU officials acknowledge the bloc might go on talking to Britain after that deadline, but this would greatly reduce the chances of a deal being implemented from 2021, increasing the risks for trade, businesses and citizens on both sides.

END-YEAR/JAN. 1, 2021

Britain's post-Brexit transition period ends. If there is no new trade deal, close-knit ties will be severed and the sides will fall back on general World Trade Organization trade provisions.

That would mean introducing tariffs and quotas for trade exchanges between the EU and Britain from Jan. 1, 2021.

European Union / Brexit / United Kingdom (UK)

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • US dollar banknotes are seen in this illustration taken on 10 March 2023. Photo: Reuters
    'Indian central bank didn't get any notice over US restrictions on ACU transactions'
  • US visa restriction won't affect RMG shipment: BGMEA president
    US visa restriction won't affect RMG shipment: BGMEA president
  • EC allows journos to use motorcycles during elections taking prior permission
    EC allows journos to use motorcycles during elections taking prior permission

MOST VIEWED

  • Photo: Courtesy
    BPL 2024: Updated squads of all 7 teams
  • DMP Commissioner Khandaker Golam Faruq. Photo: Collected
    DMP Commissioner Khandker Golam Faruq sent on retirement
  • Dollar rates raised to Tk110 for remitters, exporters
    Dollar rates raised to Tk110 for remitters, exporters
  • Will US visa restrictions have any impact on business?
    Will US visa restrictions have any impact on business?
  • The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause
    Fitch now rates Bangladesh's foreign debt outlook negative
  • Photo: Collected
    Railway launches intercity goods van service

Related News

  • EU urges Poland, Hungary, Slovakia to be constructive on Ukraine grain
  • Erdogan says Turkey could 'part ways' with EU if necessary
  • EU calls on Bangladesh to foster enabling environment for civil society to work 'without fear of reprisals'
  • US, EU agree on Mideast-India rail and shipping corridor at G20
  • EU tells Turkey to 'address democracy' before membership

Features

India-Canada clash should be a wakeup call

India-Canada clash should be a wakeup call

6h | Panorama
It is highly unlikely that inflation rate is going to come down soon. PHOTO: TBS

No more central bank loans to the govt: Will it be enough to curb inflation?

6h | Panorama
Why Bangladeshi patients flock to India

Why Bangladeshi patients flock to India

7h | Panorama
Nooruddin Complex: Of childhood, dreams and a sense of community

Nooruddin Complex: Of childhood, dreams and a sense of community

7h | Habitat

More Videos from TBS

KR Ship Recycling Yard of Chittagong

KR Ship Recycling Yard of Chittagong

52m | TBS Stories
Why people are so crazy for iPhone  around the world?

Why people are so crazy for iPhone around the world?

4h | Tech Talk
Some effective ways to relax the brain

Some effective ways to relax the brain

4h | TBS Stories
Comilla Victorians is the strongest team on paper

Comilla Victorians is the strongest team on paper

18h | TBS SPORTS
EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]