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Talks on a post-Brexit trade deal look set to go to the wire as Taoiseach Miche\u00e1l Martin warned that failure to reach an agreement would be \u201cruinous\u201d for the UK.<\/p>\nTalks on a post-Brexit trade deal look set to go to the wire as Taoiseach Miche\u00e1l Martin warned that failure to reach an agreement would be \u201cruinous\u201d for the UK.<\/p>\n
Negotiations are expected to continue next week but the European Union believes a deal must be concluded by mid-November in order for it to be ratified by the end of the year, when the current transition arrangements expire.<\/p>\n
The UK acknowledged that \u201csignificant gaps\u201d still remain between the two sides and \u201ctime is in short supply\u201d.<\/p>\n
Mr Martin said failure to reach a deal would be \u201cvery damaging all around\u201d, with Ireland and the UK particularly affected.<\/p>\n
Without a deal being struck, trade between the UK and EU will be subject to tariffs set out by the World Trade Organization.<\/p>\n
Speaking to the BBC, the Mr Martin said: \u201cWe\u2019ve all had a very significant shock to our economic system because of Covid-19 \u2013 the last thing we need now across all of our respective economies is a second major shock.\u201d<\/p>\n
Mr Martin also said the UK needs to be \u201cvery careful that they do not do anything that could destabilize the politics of Northern Ireland\u201d, and that no deal past the transition period could lead to \u201ctensions that are unnecessary\u201d.<\/p>\n
Teams led by the EU\u2019s Michel Barnier and the UK\u2019s Lord Frost have been taking place in London this week.<\/p>\n
The UK Prime Minister\u2019s official spokesman said: \u201cTalks are continuing in London and the negotiators are working hard to bridge the still significant gaps that remain.<\/p>\n
\u201cTime is in short supply and there are still significant gaps that remain.\u201d<\/p>\n
Boris Johnson has repeatedly said he is prepared to walk away without a deal \u2013 something the UK government refers to as \u201cAustralian terms\u201d.<\/p>\n
In response to Mr Martin, the spokesman said: \u201cWe have been working hard throughout to get a deal but we\u2019ve always said that it needs to be a deal that fully respects UK sovereignty, and that\u2019s what we\u2019re continuing to pursue.<\/p>\n
\u201cRight from the outset I don\u2019t think we\u2019ve been seeking anything that the EU hasn\u2019t agreed to with other sovereign countries, and we\u2019re working hard and will continue to work hard, but it is the case that significant gaps remain.\u201d<\/p>\n
The main stumbling blocks between the UK and EU are thought to include the \u201clevel playing field\u201d measures aimed at preventing unfair competition on issues including state subsidies, the ongoing row over fishing rights, and how any UK-EU deal will be governed.<\/p>\n
Mr Johnson would \u201clike to get a deal\u201d but the transition period will definitely end on December 31st and \u201cwe will be ready to leave either on Australian-style terms or with a free-trade agreement if that can be reached with the EU\u201d.<\/p>\n
The Prime Minister is \u201cfully confident we will prosper in all circumstances\u201d.<\/p>\n
Stefaan de Rynck, an aide to Mr Barnier, called for the UK to sign up to \u201cfair competition standards\u201d.<\/p>\n
\u201cA whit of courage for signing up to fair competition standards in the mutual interest of EU and UK would be good,\u201d he said.<\/p>\n
UK Cabinet Office minister Michael Gove told MPs: \u201cThe UK has already shown a great degree of flexibility in these negotiations, but it is important also that the European Union shows flexibility too.<\/p>\n
\u201cIn particular, there needs to be a full recognition that we are sovereign equals. And any attempt to continue to tie the UK into EU processes or to extend EU jurisdiction by other means would be quite wrong.\u201d<\/p>\n
He was unable to say how many of the estimated 50,000 customs agents needed to cope with the new trading arrangements were in place.<\/p>\n
\u201cIt is the case there has been a significant increase in the number of customs agents who are being employed both by companies themselves with in-house capacity and also through intermediaries who have been scaling up their own activities as well,\u201d he said.<\/p>\n
Mr Gove was meeting business chiefs to help prepare for the new arrangements which come into effect on January 1st, outside the EU\u2019s single market and customs union.<\/p>\n