BRUSSELS – European legislatures said on Friday the deadline to finalize any new trade agreement between London and the European Union before the end of the 11-month transition period following Britain’s departure from the organization.
Britain officially left the EU last January but has been following bloc rules since then as the two sides try to agree on their future trade relations.
The transition period ends on December 31 but the negotiators are still trying to reach an agreement to protect nearly a trillion dollars in trade annually from potential rates and taxes.
Big negotiations Michel Barnier and David Frost will continue their talks in London on Sunday, but will remain divided on three major controversial issues – corporate co-operation, fishing rights and dispute resolution.
European Commission President Ursula von der Leyen will summon British Prime Minister Boris Johnson on Saturday afternoon to discuss the status of the talks, a spokeswoman for the EU summit said.
Any trade agreement reached must regulate matters ranging from trade and student exchanges to power relations and transportation, and must be approved by the more than 700 members of the European Parliament to be used. Approval of the 27 EU member states is required.
European lawmakers who spoke on the issue on Friday said for this to happen, an agreement must be reached by the end of this month.
“Because of how far we are from the agreement, that seems unlikely,” said a senior member of the European Parliament. Verification time expires. ”
The EU executive committee, which took part in Friday’s meeting, said that once the agreement was reached, it would need to be examined by experts in a number of fields and translated into various languages.
“It is strong,” the law said, adding that if parliament were to ratify any agreement at a meeting on December 16, it would have to have a full document by 16 November.
If Britain and the EU fail to enter into a new trade agreement from 2021, trade disruptions are likely to affect the European economy, which is already suffering from the coronavirus epidemic.
Barnier and Frost are expected to release an update on the status of the talks in the middle of next week. If the deal looks achievable, Johnson and von der Leyen could be brought in to try to get the deal over the line.