Busi­nesseu­rope urges UK to keep EU rules af­ter Brexit

The Gulf Today - Business - - FRONT PAGE -

BRUS­SELS: Euro­pean busi­ness fed­er­a­tion Busi­nesseu­rope called on Wed­nes­day for Bri­tain to main­tain as many EU reg­u­la­tions as pos­si­ble af­ter Brexit to limit dis­rup­tion to trade and sup­ply chains.

Ne­go­tia­tors are meet­ing ahead of a June 28-29 EU sum­mit to seek progress on out­lin­ing what kind of re­la­tion­ship should re­place Bri­tain’s EU mem­ber­ship af­ter it leaves next March and af­ter a sta­tus-quo tran­si­tion pe­riod ends in 2020.

“Reg­u­la­tory align­ment be­tween the EU and the UK is of ut­most im­por­tance to pre­serv­ing value chains and avoid­ing non-tar­iff bar­ri­ers to trade. Reg­u­la­tory co­op­er­a­tion is paramount,” the group, which in­cludes Bri­tain’s CBI, said in launch­ing a new re­port.

Also call­ing for rapid agree­ment be­tween the two sides to avoid un­cer­tainty and the risk of a “cliff edge” whereby Bri­tain sim­ply re­verts to global trade rules, Busi­nesseu­rope called for sim­pli­fied cus­toms pro­ce­dures.

It said small busi­nesses with lit­tle ex­pe­ri­ence of trade out­side the EU Sin­gle Mar­ket would re­quire spe­cial help from the au­thor­i­ties to cope with changes.

“No free trade agree­ment to date has come close to solv­ing the is­sues of reg­u­la­tory di­ver­gence, and this will be a chal­lenge for both sides to ad­dress,” the group said, while adding that busi­ness wanted EU ne­go­tia­tors to avoid let­ting a deal with Bri­tain un­pick the rules of the Sin­gle Mar­ket.

Ne­go­tia­tors aim to have a broad out­line ready by late this year, along­side a de­tailed treaty on how the ini­tial de­par­ture will work.

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