AIRLINK 72.59 Increased By ▲ 3.39 (4.9%)
BOP 4.99 Increased By ▲ 0.09 (1.84%)
CNERGY 4.29 Increased By ▲ 0.03 (0.7%)
DFML 31.71 Increased By ▲ 0.46 (1.47%)
DGKC 80.90 Increased By ▲ 3.65 (4.72%)
FCCL 21.42 Increased By ▲ 1.42 (7.1%)
FFBL 35.19 Increased By ▲ 0.19 (0.54%)
FFL 9.33 Increased By ▲ 0.21 (2.3%)
GGL 9.82 Increased By ▲ 0.02 (0.2%)
HBL 112.40 Decreased By ▼ -0.36 (-0.32%)
HUBC 136.50 Increased By ▲ 3.46 (2.6%)
HUMNL 7.14 Increased By ▲ 0.19 (2.73%)
KEL 4.35 Increased By ▲ 0.12 (2.84%)
KOSM 4.35 Increased By ▲ 0.10 (2.35%)
MLCF 37.67 Increased By ▲ 1.07 (2.92%)
OGDC 137.75 Increased By ▲ 4.88 (3.67%)
PAEL 23.41 Increased By ▲ 0.77 (3.4%)
PIAA 24.55 Increased By ▲ 0.35 (1.45%)
PIBTL 6.63 Increased By ▲ 0.17 (2.63%)
PPL 125.05 Increased By ▲ 8.75 (7.52%)
PRL 26.99 Increased By ▲ 1.09 (4.21%)
PTC 13.32 Increased By ▲ 0.24 (1.83%)
SEARL 52.70 Increased By ▲ 0.70 (1.35%)
SNGP 70.80 Increased By ▲ 3.20 (4.73%)
SSGC 10.54 No Change ▼ 0.00 (0%)
TELE 8.33 Increased By ▲ 0.05 (0.6%)
TPLP 10.95 Increased By ▲ 0.15 (1.39%)
TRG 60.60 Increased By ▲ 1.31 (2.21%)
UNITY 25.10 Decreased By ▼ -0.03 (-0.12%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 7,566 Increased By 157.7 (2.13%)
BR30 24,786 Increased By 749.4 (3.12%)
KSE100 71,902 Increased By 1235.2 (1.75%)
KSE30 23,595 Increased By 371 (1.6%)

LONDON: Britain on Monday welcomed signals that the European Union was ready to intensify stalled post-Brexit trade talks, but said its commitments did not yet go far enough to restart face-to-face negotiations. Britain's chief negotiator David Frost said he held a "constructive discussion" with his EU counterpart Michel Barnier, with the bloc confirming it is willing to hold ramped-up talks this week "based on legal texts".

"But the EU still needs to make a fundamental change in approach to the talks and make clear it has done so," Frost added on Twitter, noting the two sides "will stay in close touch".

A spokesman for Prime Minister Boris Johnson echoed the sentiment, noting: "The UK continues to believe there is no basis to resume talks unless there is a fundamental change of approach from the EU."

Britain, which left the EU in January but remains bound by most of the bloc's rules until a transition period ends on December 31, has accused Brussels of stalling negotiations on a future trade deal.

Following an EU summit last week at which European leaders said London needed to make the further compromises, Johnson revoked an invitation for Barnier to come to London this week and said the country was readying for a so-called no-deal Brexit on January 1.

The prime minister accuses Brussels of refusing to recognise Britain's new-found sovereignty from next year in areas such as fishing and state aid, and needs to shift its stances for a deal.

Those are two of the biggest stumbling blocks holding up an overarching trade agreement once the UK goes its own way after 45 years of European integration. In the absence of a deal, Britain and the EU would trade on a barebones arrangement governed by World Trade Organization (WTO) tariffs and quotas, which would be disruptive at best and ruinous at worst for many businesses.

Senior minister Michael Gove on Monday launched an information campaign advising businesses that "time is running out" to be ready for a complex new trading chapter from 2021, deal or no deal.

But industry groups warned anew of potential chaos for road hauliers and the possibility of drugs shortages, with vital preparations by Britain's government still in the early stages. Confederation of British Industry deputy chief Josh Hardie said a "hat-trick of unprecedented challenges" loomed thanks to the coronavirus pandemic and "uncertainty over the UK's trading relationship with the EU".

There was a better atmosphere in another track of talks on Monday between Gove and European Commission vice president Maros Sefcovic, who both relayed progress on guaranteeing the rights of each side's expatriate residents after Brexit.

Comments

Comments are closed.