Britain and EU are close to a deal
LOW-lying Vanuatu is considering suing fossil fuel companies and industrialised countries that use them for their role in creating catastrophic climate change, the foreign minister of the Pacific island nation said yesterday.
Vanuatu has an estimated population of 280 000 people spread across roughly 80 islands in the Pacific island.
Foreign Minister Ralph Regenvanu said it was time that some of the billions of dollars of profits fossil fuel companies generate every year goes towards the damage they cause in countries like “desperate” Vanuatu.
Speaking at the Climate Vulnerable Forum’s Virtual Summit, Regenvanu announced the legal options Vanuatu was considering.
About 64% of Vanuatu’s GDP was wiped out in a single cyclone in 2015, causing economic losses of $449.4 million (R6.1bn), he said. BRITAIN and the EU have agreed on a draft text setting out a close post-Brexit economic relationship, paving the way for a summit of EU leaders to endorse the deal, European Council President Donald Tusk said yesterday.
Diplomats are trying to put the finishing touches to a divorce deal so that EU leaders can rubber-stamp it at a summit on Sunday. Here are some key elements of the 26-page draft text.
● The EU and UK “agree to develop a balanced economic partnership… encompassing a free trade area, as well as wider sectoral co-operation”.
● It would respect “the integrity of the EU’s Single Market and the Customs Union, as well as the UK’s internal market, and recognise the development of an independent trade policy by the UK beyond this economic partnership”.
● The EU and UK envisage “a trading relationship on goods that is as close as possible” and “comprehensive arrangements that will create a free trade area, combining deep regulatory and customs co-operation, underpinned by provisions ensuring a level playing field”.
● “No tariffs, fees, charges or quantitative restrictions across all sectors, with ambitious customs arrangements that… build and improve on the single customs territory provided for in the Withdrawal Agreement.”
● The EU and UK want an “ambitious customs arrangement”; “envisage making use of all available facilitative arrangements and technologies”; and are ready to consider “mutual recognition of trusted traders’ programmes, administrative co-operation in customs matters and mutual assistance, including for the recovery of claims related to taxes and duties”.
● “The Parties recall their determination to replace the backstop solution on Northern Ireland by a subsequent agreement that establishes alternative arrangements for ensuring the absence of a hard border.”
● They “aim to deliver a level of liberalisation in trade in services well beyond the Parties’ World Trade Organisation (WTO) commitments and building on recent Union Free Trade Agreements (FTAs).”
● New relationship should “cover sectors including business services, telecommunications services, courier and postal services, distribution services, environmental services, financial services, transport services and other”.
● EU, UK want to safeguard financial stability and will try conclude their equivalence assessments end of June 2020”.
● Provisions to ensure a level playing field should cover state aid, competition, social and employment standards, environmental standards, climate change and tax matters.”
● The post-Brexit transition period could be extended once “for up to one or two years” and Britain would have to go on contributing to the bloc’s budget accordingly.
● EU, UK want “broad, comprehensive and balanced security partnership” but will remain solely responsible for their own national security.
● The sides want to ensure “passenger and cargo air connectivity” and provisions to protect intellectual property rights. They want to grant visa-free travel rights on mutual basis for short trips. |
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