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Old 26-12-2020, 12:45   #5368
Hugh
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Re: UK & EU Agree Post-Brexit Trade Deal

Quote:
Originally Posted by OLD BOY View Post
It appears that we have actually achieved a Canada + deal, despite all the commentary to the contrary.

The central objectives of securing a tariff-free, quota-free trade deal, regaining control over our fishing grounds within a reasonable time period (5.5 years was negotiated), ridding ourselves of ECJ jurisdiction, no automatic application of tariffs unilaterally by Brussels if they have an issue about the level playing field, etc have all been achieved.

According to the press, the deal also covers financial services (wow!), which was unexpected, although precisely what is covered, it is not yet clear.

At last, it is confirmed by the Centre for Economics and Business Research that Britain will widen the gap between itself and the French economy from the current 9% in Britain's favour to 23% by 2035, confounding those prophets of doom who claimed that even with a deal, we would become worse off than had we remained in the EU.

I have always said that leaving the EU would open up opportunities for Britain, and at last, at least some are waking up to the reality of the situation.

---------- Post added at 12:19 ---------- Previous post was at 12:10 ----------



As I understand it, that is totally unnecessary. The WTO already performs that function. It will be interesting to read further details.
https://fortune.com/2020/12/25/boris...uropean-union/

Quote:
Financial services

Summary: The deal offers little clarity for financial firms. There is no decision on so-called equivalence, which would allow firms to sell their services into the single market from the City of London. The agreement only features standard provisions on financial services, meaning it doesn’t include commitments on market access.

The U.K. and EU will discuss how to move forward on specific equivalence decisions. The European Commission, which is in charge of allowing access to the EU’s market, said it needs more information from the U.K. and it doesn’t plan to adopt any more equivalence decisions at this point.

Regulatory cooperation: The two sides made a joint declaration to support enhanced cooperation on financial oversight. They aim to agree on a Memorandum of Understanding by March.
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