Economy

EU's Tusk says 'we don't want to build a wall' with UK

EU's Tusk says 'we don't want to build a wall' with UK

The document presents the vision of the institution on Brexit.

But while the guidelines make clear that the European Union wants "as close as possible a partnership" after Brexit, it is expected that there will be "negative economic consequences". "Partners that are as close as possible". "I have proposed an exchange of goods without tariffs, with some services and fishing". The increasing global instability requires our uninterrupted cooperation in defence and foreign affairs. This is key to maintain mutually beneficial and enriching personal networks in these vital areas, and for our community of values to prosper also in future.

That is one of the first tangible signs that banks are starting to act on Brexit contingency plans to keep what the European Union calls passporting rights - the possibility to offer services to all European Union clients via just one local license.

As Brexit talks shift to the future relationship, a yawning gulf in expectations has opened up.

British finance minister Philip Hammond said yesterday that financial services should be at the heart of a new trade deal and the European Union should drop its tough stance on limiting the sector's market access after Brexit.

Crucially, the bloc said Britain would be treated like any other third country when it came to financial services - which London had pressed to be included in a future free-trade deal.

"Because of Brexit, we will be drifting apart", Tusk told a joint news conference with the Luxembourg prime minister Xavier Bettel.

Referring to what he called the first free trade deal ever to loosen economic ties, he said it would make bilateral trade "more complicated and costly than today, for all of us".

More news: Trump Has Reportedly Spoken With Witnesses About What They Told Mueller Team

According to the BBC, the Chancellor of the Exchequer will say: "I am clear not only that it is possible to include financial services within a trade deal, but that it is very much in our mutual interest to do so". I hope that during our negotiations and debates among the 27 European Union leaders that we will make my position more clear for our partners in London.

"A non-member of the Union, that does not live up to the same obligations as a member, can not have the same rights and enjoy the same benefits as a member", the text seen by The Associated Press read.

The EU repeated its position that there can be no "cherry picking" by the United Kingdom which would give it participation in the single market on a sector-by-sector basis.

The EU guidelines added that "there can be no "cherry-picking" - Brussels jargon for getting free access in certain sectors including financial services without the obligations and costs of membership, including respecting freedom of movement of people from EU countries. "It's simply not in our interest", he said.

Finally, a few words about another topic of the March summit.

It only proposes a free trade agreement which "cannot offer the same benefits as membership and can not amount to participation" in the EU's frictionless single market among its member states.

"President Trump recently said", Commercial wars are good and easy to win.

'But the truth is the opposite: Trade wars are bad and easy to lose'. For this reason, I strongly believe that now is the time for politicians on both sides of the Atlantic to act responsibly.


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