Draft Brexit document: EU-UK to commit to build on 'single customs territory' - Bloomberg

Dhwani Mehta FXStreet

According to a leaked draft Brexit document, as cited by Bloomberg, EU-UK is said to commit to build on ‘single customs territory’.

Additional Details:

Foresees equivalence for UK banks.

EU, UK to commit to 'deep' customs cooperation.

To commit to building on 'single customs territory'.

States determination to replace the backstop in the future.

EU is to recognize UK's independent trade policy.

EU-UK to considering linking UK Co2 market with EU ETS.

EU-UK to cite the scope and depth of ties may evolve over time.

EU-UK ties after Brexit transition period can be extended for up to one or to two years.

If post Brexit transition period is extended, Britain will continue paying to the EU budget.

EU-UK will aim to conclude a new agreement on fisheries by July 2020.

EU-UK will try to assess the equivalence of laws on financial services by July 2020.

UK commits to align with the EU rules on the trade of goods.

EU-UK to also consider technological solutions to prevent hard border on island of Ireland.

Draft EU-UK text on future ties.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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