UK intends Brexit transition period deal

Monitoring Desk

LONDON: The U.K. could reach a transition deal with the EU as early as March, British Secretary of State for Exiting the EU David Davis said Friday. Speaking in Middles brought, northeast England, Davis said the U.K. should follow the bloc’s customs and market rules during the implementation mentation period but the U.K. should also have a say over EU laws passed during that time. The implementation or transition period agreed to during the final negotiations of the first phase between the parties is planned to start as the U.K. leaves the EU and to last for about two years to minimize the full impact of Brexit on businesses.

“Speed is of the essence. Because the longer we talk, keep talking about the implementation period, the less valuable it becomes to the businesses right across Europe,” Davis said. “At the beginning, when we’re out, there will be very, very little initial difference between the standards and regulations that apply in our country and on the continent of Europe,” Davis said. “And therefore access to the markets will continue with very, very little disruption.”

Describing the transition period as “a bridge to the future partnership,” Davis said the U.K. will start negotiations for new trade agreements with the rest of the globe with the start of the period. Responding to calls to delay the official Brexit date by extending Article 50 if negotiations are not complete by March 2019, Davis ruled out such a move. He added that this “would not solve” many of the problems but would only “create new uncertainty about when we will leave”. The U.K. is set to leave the EU in March 2019, ending its 44-year-long membership. The second phase of negotiations, which will shape the future trade relations between the U.K. and the EU, will start in March.