Union Will Not Be Able To Extend Brexit Transition Period
There is no possibility to extend the transition period in the relations between the European Union and the UK, which would keep their trade relations, said a representative of the European Commission’s press service at a briefing.
Britain left the union this year, but so far there has not been much change in its relationship with the EU: there is a transition period during which Britain continues to be subject to EU rules, remains a member of the Single Market and trades with the union without duties or quotas.
After the end of the transition period on 31 December 2020, the rules will cease to apply, so the parties will need to agree on the terms of the new partnership, including a trade agreement, in order to ensure that the new phase of British-EU relations does not become rigid and abrupt.
« The UK will exit the Single Market at the end of the year. It is not possible to extend the transition period in the relationship. By 1 January, we aim to reach a deal, » said a spokesperson for the press office.
The EU and the UK have been unsuccessfully negotiating the trade agreement for several months and fundamental disagreements over its terms still exist. However, there is very little time left for negotiations: to enter into force, the document still needs to be ratified by the country and the union.