EU "Brexit Negotiations Difficult to Conclude Within the Year"... No-Deal Possibility Increasing

Barnier, EU Negotiator, Warns
Negotiations to Resume on 18th Next Month

[Asia Economy Reporter Naju-seok] The European Union (EU) has expressed skepticism about the possibility of concluding the Brexit (the United Kingdom's withdrawal from the EU) negotiations within this year. The EU had maintained its stance to complete the Brexit talks by the end of the year but has now effectively acknowledged that this is unlikely. Concerns over a No Deal Brexit, which could deliver another shock to the global economy, are gradually increasing.

On the 23rd (local time), Michel Barnier, the EU's chief Brexit negotiator, met with David Frost, the UK Prime Minister's Europe advisor, in the UK and stated, "Brexit negotiations may not be concluded within the deadline," adding, "There is a significant gap in views between the two sides."

The two sides are sharply divided on issues such as fishing rights in UK waters and fair environmental competition. In particular, there are major disagreements regarding fishing waters. Barnier criticized, "The UK is trying to push almost all EU fishing vessels out of UK waters," calling this "unacceptable."

He also mentioned, "The EU is willing to agree on measures that benefit UK fishermen more," and "The EU does not demand the destruction of the UK fishing industry." He criticized, "In the past few weeks of negotiations, the UK has not shown the enthusiasm and preparedness commensurate with the EU's efforts to find solutions in this negotiation."

The UK also acknowledged that the negotiations are not progressing smoothly. Frost admitted, "Unfortunately, it has become clear that we will not reach an agreement by July," and recognized, "There is a large gap between the two sides." He added, "I believe an agreement can be reached by September."

However, Frost also mentioned preparations for a No Deal Brexit. He said, "We will continue negotiations to find common ground with the EU, but there is still a possibility that no agreement will be reached," and "Therefore, all possible scenarios must be prepared for during the implementation period until the end of this year." This means preparations are necessary in case the negotiations fail to conclude.

The EU and the UK have so far considered the end of October as the negotiation deadline because the Brexit implementation period ends at the end of this year, and ratification must be completed before then. However, since only differences in positions were confirmed in the July negotiations, it is expected that subsequent talks will also be difficult. Having failed to narrow their differences, both sides decided to take a summer break and resume negotiations on the 18th of next month.