China and the United States (US), among others, threaten to hold the European Union (EU) liable if there is a hard or chaotic Brexit, which seriously disrupts trade between the United Kingdom (UK) and the EU. That reports Business Insider.
About 12 countries, including China and the US, have expressed fears that they will be worse off if the UK leaves the EU. They therefore demand a compensation scheme from Brussels. This is because they want to ensure that their fears do not become reality. This is stated in various documents from the World Trade Organization (WTO), which are in the hands of Bloomberg news agency.
Certainty
The 12 countries that drafted the document demand certainty from Brussels about the way in which accountability will be given for future trade between the UK and the EU. It is counted on a negotiation result that ensures the quality of trade between the two camps.
In particular, the 12 countries state that access to the markets is a major concern. "If it fails to maintain access at current levels, the EU must provide appropriate compensation," the countries said.
May come with a deal?
Pressure on British Prime Minister Theresa May is mounting both within her own party and from the opposition. The parties want them to adapt a preliminary Brexit proposal to their wishes. The prime minister had to cancel a planned emergency cabinet meeting on November 12 because Brexit supporters in the European Parliament threatened to torpedo the proposal.
In the British Parliament, a destructive defeat for May if the plan is voted on as it stands. Opposition Labor party wants new elections if proposal is voted down. If necessary, the party will ask for a new referendum if there are no elections.
If there is no deal on Tuesday, November 13, it becomes less likely that a special European Union summit will meet in November to sign a deal.
Situation
European ministers also discussed the state of affairs on 12 November. Michel Barnier said the intensive efforts are continuing, but there is no agreement yet. The main stumbling block remains a solution to avoiding a hard border between Ireland and British Northern Ireland.
The 27 ministers have once again demonstrated their determination to maintain unity. In addition, they emphasized the need to continue preparations in the event of no deal.
Read more on Business Insider:
- No deal or another solution? 3 scenarios for the British pound
- 54% would like to stay in the EU in a new referendum
- Banks bear the brunt of May's soft Brexit plans
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