The European Union, EU, and the United Kingdom, UK, have both agreed to further the conversation post the deadline to reach a deal.
The statement which has been signed by Uk Prime Minister, Boris Johnson and the European Commission President, Ursula von der Leyen in quote referred to ” major unresolved topics.
The two regions have been in discussion for an agreement since March this year and the transition period is due to expire by December 31, 2020. If the duo fails to reach an agreement, trade through the two regions will be charged tariffs resulting in increased prices, border taxation amidst other things.
One of the major snags is the fishing rights – without access to UK waters, the EU wants to reciprocate by not allowing UK fishermen to gain access to sell their products with the European markets, which both parties have been unable to agree to.
While the European Union is bent on ensuring that the United Kingdom does not enjoy unfair access to their goods without paying the applicable tariffs.
