EU Economics

EU’s secret trade plans to outplay Britain REVEALED…

THE EUROPEAN Union’s extensive plans for new trade deals have been revealed in a letter from the German economic ministry as the bloc tries to bolster its international ties ahead of Brexit.

Despite the fact that negotiations between the US and the EU for the Transatlantic Trade and Investment Partnership (TTIP) have not resumed since  took office, the bloc is close to completing talks about an agreement with Japan and the Comprehensive Economic and Trade Agreement (CETA), Brussels’ trade deal with Canada, is set to be provisionally applied from September.However, the EU is far from finished trying to boost its trading prospects and a letter from the German economic ministry to the Bundestag reveals a busy schedule ahead.

The letter reads: “In addition to implementing the CETA agreement, there will be a rapid signing of free trade agreements with Singapore and Vietnam, as well as concluding ambitious and comprehensive deals with Japan, Mexico and Mercosur[Argentina, Brazil, Paraguay and Uruguay], and progress on talks with India, China and the Philippines.


The EU has a number of trade deals in the pipeline

“Under the Estonian Presidency [of the EU], a mandate for negotiations with Chile, Australia and New Zealand is also foreseen.”The bloc also needs to get the Trades in Services Agreement (TiSA), which has been in the pipeline since 2013, back on track – as well as the EU’s so-called Economic Partnership Agreements (EPAs), which Brussels negotiates with economically weaker countries and trade blocs.

Meanwhile Britain will not be able to implement any trade deals under a proposed customs transition deal which will end around two years after Brexit takes effect in March 2019.

Potential partners including the US and Australia have spoken positively about proposed free trade deals with the UK.

The remarks came days after President Trump said he expects to reach a “very powerful” trade deal with Britain after the EU exit.Britain’s Brexit Secretary recently called for the EU to relax its position to allow the two powers to discuss future relations before the UK leaves the bloc – despite Brussels’ insistence that the divorce settlement must be agreed first.


The slow pace of Brexit talks means the meeting the March 2019 deadline looks increasingly difficult

Writing in the Sunday Times, David Davis argued: “I firmly believe the early round of the negotiations have already demonstrated that many questions around our withdrawal are inextricably linked to our future relationship.“Both sides need to move swiftly on to discussing our future partnership, and we want that to happen after the European Council in October.”

He added: “There are financial obligations on both sides that will not be made void by our exit from the EU.

“We are working to determine what these are – and interrogating the basis for the EU’s position, line by line, as taxpayers would expect us to do.”

Additional reporting by Monika Pallenberg

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