The first round of UK-EU trade talks concluded at the end of last week. The involved negotiators acknowledged that the two sides were a long way apart in what they wanted. The EU are still insistent on maintaining the current fishing arrangements in British waters and wants the UK to agree to a number of EU regulations. David Frost’s UK team is demanding the right to diverge from those rules in order to be able to strike new trade agreements around the world.
Reports are emerging from Vote Leave insiders that the EU will be issued a huge blow in the negotiations if Britain secures a Free Trade Agreement with the US. The next round of talks are scheduled to commence on March the 18th and Lord David Owen and Douglas Carswell have told the Express that the FTA with the USA could be the key to breaking any deadlock on the talks.
Some have suggested that the Brexit talks could be the opportunity for Paris to get some of the City of London’s banking business. However, Lord Owen says that if the City of London and New York become interconnected as part of a comprehensive agreement, there is no chance Paris will attract more business. He said: “If New York is linked to London, and they have all that clout and authority. They will be able to put in cheaper things. The City of London is very adaptable, and it will have to compete. They are going to have to start cutting their costs and their bids will be lower. If they are closer to America, they can then pull in all that finance. In most of these big deals, money goes where the cheapest thing is. They don’t care about boundaries. Business doesn’t.”
In addition to this, the former UKIP MP Douglas Carswell has said the potential FTA with the US could also be a blow to Germany, as German businesses might find relocating to post-Brexit Britain incredibly profitable. He said “I think a US-UK free trade deal is pretty much lined up. There are vested interests on both sides. The reason why I think it is so straightforward to do is because I believe the basic approach that Donald Trump and Boris Johnson want is mutual standards and recognition. Imagine you are a German car manufacturer and you have already seen a 5 to a 7 percent decline in the European car market. But in a few years’ time, you realise that if you relocate your factory to Sunderland, you will be able to sell your Audis, Mercedes tariff free to the US”.
Mr Carswell has also sad that Britain could strike an FTA with the US by November of this year, over a month before the transition period ends. The UK’s lead negotiator David Frost has said Britain “only wants what other independent countries have”, well done David Keep going!
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Current Affairs Correspondent | My name is Oliver Down I am 22, and a staunch brexiteer. I am a Bristolian lad who studied politics in Leicester. I believe in free speech and accurate journalism and I won’t be afraid to give you “the other side” of the story!
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