U.K. Plans Draft Free-Trade Agreement Before Next EU Talks
U.K. to Produce Draft Free-Trade Agreement Before Next EU Talks
(Bloomberg) --
The U.K. plans to produce a draft free-trade agreement before the next round of negotiations with the European Union, a sign the government may be readying a take-it-or-leave-it offer to the bloc.
The document will be among a number of legal texts the U.K. plans to publish before talks resume in London on March 18, Cabinet Office Minister Michael Gove said in a statement to Parliament on Monday.
The unusual step is a sign the government is rushing to get a deal done -- but one that may only be narrow in scope, trade experts said. Prime Minister Boris Johnson has threatened to walk away from negotiations in June if he doesn’t see a good deal in prospect.
If the two sides fail to reach an accord by the end of the year, the U.K. would default to trading with the bloc on terms set by the World Trade Organization -- meaning the return of quotas and tariffs.
To contact the reporter on this story: Edward Evans in London at eevans3@bloomberg.net
To contact the editors responsible for this story: Edward Evans at eevans3@bloomberg.net, Stuart Biggs
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