FRA approves establishment of five new firms for investment fund management, SME financing    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's Environment Minister attends AMCEN conference in Nairobi    Egypt considers launching national platform to mobilise green financing for private-sector industrial transformation    Egyptian, Belarusian officials discuss drug registration, market access    Egypt's ARC, Italy's AICS sign deal to boost wheat production    Gold prices edge higher on July 16th    Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



UK will be at the back of the queue for a trade deal, top EU official warns
Published in Amwal Al Ghad on 20 - 07 - 2017

Brexit talks are a "very difficult process" but they need to move fast to give enough time for officials to negotiate a trade deal, a top-ranking member of the European Commission has told CNBC on Thursday.
Jyrki Katainen, who is the vice president for jobs, growth, investment and competitiveness, noted that the EU is having trade talks with 21 different jurisdictions and the U.K. would just make another name on that list. Thus, the current discussions on how the U.K. will leave the Union need to be sped up to give enough time to prepare a new trade arrangement.
"It's difficult to estimate anything at this stage but the faster we can settle the financial issues, people's rights issues and border issues – which are rather concrete even though they are very complicated – the faster we can start negotiating our future relationship," he said in an exclusive interview in Brussels where the U.K. and EU negotiating teams are concluding the second round of talks this week.
At the moment negotiators are focused on three key topics: How much the U.K. needs to pay to close its accounts with the EU, the rights of EU citizens living in the U.K. and vice-versa, and how the U.K.-Irish border will operate. The calendar suggests that both teams will fix these issues by October. Only after that, they will decide what kind of partnership they want to have in the future.
‘A good solution'
According to Katainen, who's responsible for boosting investment in Europe, "Everything depends on the future design of our cooperation," which includes the survival of the European financial services industry, he added.
"We really don't know what will be the consequences," Katainen said when asked about the impact on the European economy if the City of London becomes fragmented.
"Nevertheless, we are so interlinked, our interests are so interlinked that it's better to find a good solution, that's why we should have enough time for negotiations on the future arrangement," Katainen added.
A positive for Europe?
Brexit hasn't just been a negative for Europe, according to the EU commissioner. Katainen told CNBC that there's a new impetus across member states to improve the European project.
"Because of Brexit, because of (the) Marine Le Pen type of phenomena, because of rule of law problems in Poland, because of (President Donald) Trump, because of fake news, because of all these things around we have seen a wakeup call," he said.
Since the U.K.'s vote to leave the EU last year, the Union is seemingly pushing for more integration and key officials have sparked a debate on how the economic and political union should evolve. It has presented plans to strengthen the bloc's defense policy, for example.
However, it remains to be seen how much of this new impetus will have a tangible effect, with many blaming the EU for being too slow.
"Europe is going to be a much better market, a much more prosperous market than it's been so far. If you add all the trade agreements that we are negotiating, the EU will be more intra-traded, easier to understand and a better market for EU companies but also third country companies. So I'm very glad that there's been sincere counter reaction from (the) citizens' side, from governments' side to haul those negative phenomena we've seen," Katainen told CNBC.
Source: CNBC


Clic here to read the story from its source.