• Saturday, December 04, 2021
India corona update 
Total Fatalities 349,186
Total Cases 28,909,975
Today's Fatalities 2,427
Today's Cases 100,636
India corona update 
Total Fatalities 349,186
Total Cases 28,909,975
Today's Fatalities 2,427
Today's Cases 100,636

Business

Brexit trade deal gets EU green light; British MPs to meet on Wednesday

(Photo by Paul Grover – WPA Pool/Getty Images)

By: ShelbinMS

THE EU gave the green light on Monday(28) to its post-Brexit trade deal with the UK, clearing the way for it to come into effect in the New Year.

The British parliament will have to ratify the deal later this week, but Brussels will apply it provisionally, cushioning the economic shock of the divorce.

Customs and regulatory controls on cross-Channel commerce will still come into effect on January 1 after Britain leaves the EU single market.

But there will be no immediate return to a regime of tariffs and quotas that could have disrupted trade after Britain’s decision to quit the club.

Sebastian Fischer, spokesman for the German presidency of the EU, said: “EU Ambassadors have unanimously approved the provisional application of the EU-UK Trade and Cooperation Agreement.”

Under EU procedure, the decision by ambassadors from the 27 member states to endorse the plan will take effect at 3:00 pm (1400 GMT) on Tuesday(29).

But there is no expectation that any EU members will now slow the adoption of the trade deal, the fruit of a tortuous 10-month negotiation.

Germany holds the rotating EU presidency and chancellor Angela Merkel’s spokeswoman Ulrike Demmer said the coalition government has no objection to the text.

“Germany can accept the negotiated accord,” she said.

The European Parliament will want to study the deal even after its provisional application and was expected to convene a session in the first half of next year to ratify it.

But on Monday, MEPs were discussing the possibility of pushing that date back further to give themselves more time to study the text and to watch how relations develop.

The member states’ provisional approval will last until the end of February, but EU parliamentary leaders asked on Monday for a few more weeks to arrange a vote in March or April.

But if London refuses this delay, they have agreed to hold a special plenary session on or around February 23.

Brussels’ chief negotiator Michel Barnier met the president of the European Parliament David Sassoli and the MEPs coordinating EU-UK ties on Monday.

He described the exchanges as “fruitful” and thanked the MEPs “for their trust and support throughout this extraordinary negotiation.”

British parliamentarians are to meet on Wednesday(30) to debate the accord.

Although the 2016 Brexit referendum that set the divorce in motion proved to be extremely divisive, the vote is expected to go smoothly.

The MPs have not had long to study the 1,200-page text, but prime minister Boris Johnson has a comfortable majority of Conservative MPs in the Commons and has hailed the accord as a victory.

The minority Scottish National Party will oppose the deal — as it opposed Brexit — but the main Labour opposition will back it to avoid further disruption.

The deal offers the British duty-free and quota-free access to its market of 450 million consumers, and gives European fishermen access to UK waters for at least another five-and-a-half years.

But it provides for Europe to impose compensatory measures on British business if London backslides on standards for state aid, the environment, labour law and taxation.

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