Get 40% Off
💰 Ray Dalio just increased his holdings in Google by 162.61% - See the full portfolio with InvestingPro’s free Stock Ideas toolCopy Portfolios

Ireland says Brexit trade talks timeline "virtually impossible"

Published 08/05/2020, 18:54
Updated 08/05/2020, 18:55
© Reuters. FILE PHOTO: Irish Minister for Foreign Affairs Simon Coveney

By Padraic Halpin

DUBLIN (Reuters) - The coronavirus pandemic has made an already difficult timeline for a British-European Union trade deal "virtually impossible", Irish Foreign Minister Simon Coveney said, cautioning that he did not wish to raise expectations of London seeking more time.

Tortuous Brexit talks, now focused on setting new trading terms from 2021 when London's status-quo transition period after Brexit ends, quickly hit an impasse when they resumed last month, according to EU diplomats and officials.

Coveney, who played a key role in Britain's EU withdrawal talks due to the border Ireland shares with British-run Northern Ireland, said progress so far this year has been much slower than the EU had hoped before the resumption of talks next week.

"Given the complexity of what we're trying to deal with here and the added complications, and there are many, as a result COVID-19, it surely makes sense for us to seek a bit more time," Coveney told an online conference on Friday.

"I think anybody looking at this from the outside could only conclude it makes sense to look for more time, but the British government has decided that's not what they want. I wouldn't be raising expectations around the British government agreeing to seeking more time."

Coveney said if the EU are to have any of chance of changing British minds, they have to be careful as to how they do that. Any request would recognise that "COVID-19 has made what is already a very, very difficult timeline to get agreement virtually impossible," he added.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

While the EU says only a relatively modest free trade agreement is possible before the end of the year, it attaches conditions to it - including rigid guarantees of fair competition - that have been rejected by Britain.

Coveney said the two rounds of talks to date have "really gotten nowhere" because of those differences. At a bare minimum, he said, the EU needs an agreement and understanding around the so-called level playing field issues or "whatever we decide to call them politically".

Prime Minister Boris Johnson, who presided over Britain's exit from the EU on Jan. 31, has ruled out seeking an extension of the transition period beyond Dec. 31. Until then, Britain remains part of the EU's single market and customs union.

"Talking about the UK being fully autonomous, protecting sovereignty, I get that language, that is what has driven Brexit in many ways. Breaking free from the European Union, not being a rule taker, that's fine from a political narrative perspective," he said.

"But you can't have quota-free, tariff-free trade unless there is a level playing field. The EU can just never facilitate that and why would they...This is essentially the crux of the issue and if we can't resolve it, there isn't going to be a deal."

(This story inserts dropped word "not" in first paragraph)

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.