European negotiator Michel Barnier and his British counterpart David Frost tweeted separately on Friday, there will be a pause in negotiations between the European Union and the United Kingdom on the Brexit deal.
Barnier and Frost wrote: “After a week of intense negotiations in London, the two principal negotiators agreed that the terms of the agreement had not been met.” According to them, this is due to “significant differences of opinion” in terms of fair competition between British and European companies, regulatory oversight, and fisheries.
We agreed to stop negotiations to inform our presidents of the state of the negotiations. A tweet said that European Commission President Ursula von der Leyen and (British) Prime Minister Boris Johnson would meet on Saturday afternoon. This consultation will be conducted over the phone.
In recent days, there have been several signs that the Brexit negotiations will be on the way to a breakthrough. However, there were always reports that this was not the case and that there were still significant differences that needed to be bridged.
There is necessary pressure on negotiations for a new trade agreement. The UK left the European Union at the end of January, but it still followed EU rules as of the end of this year. If that transition period ends without a new agreement being reached, the European Union and Britain will revert to the WTO trade rules. This means that many products will be charged import duties.