The European Union's top official is dismissing British Prime Minister Boris Johnson's idea of brokering a loose trade deal with the EU.
“Australia without any doubt is a strong and like-minded partner, but the European Union does not have a trade agreement with,'' said von der Leyen, the head of the bloc's powerful executive arm. “We are currently trading on WTO terms."
Britain wants the trade agreement to cover goods and services and exclude almost all tariffs. However, Johnson has been adamant that the U.K. won't keep following all of the EU's regulations. To strike deals with other countries, Johnson wants the flexibility to subscribe to varying standards for areas such as competition, state aid or even the environment.
"It is not enough to announce checks will take place, we must see plans now as to how this will be possible in practice, or it will be consumers who suffer on January 1,” he said. “The opening of our markets, access to data and equivalence for financial services will be proportional to the commitments made to respect a true level playing field, regulatory coherence, protection of citizens and financial stability," Barnier said.
The British government has warned U.K. businesses to prepare for customs declarations and checks on goods coming from the EU next year.
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