The European Union and the United Kingdom are set to resume Brexit trade talks with aims at reaching a deal by mid-November, Bloomberg reported, citing three sources familiar with the discussions. Respective chief negotiators from the EU and the UK, David Frost and Michel Barnier met for the third time on late Wednesday to discuss a way to end an ongoing impasse.
Previously, Prime Minister Boris Johnson said British firms must be prepared for a potential no-deal Brexit. A no-deal Brexit will cause operation disruptions of British manufacturers, retailers, farmers, and nearly other economic sectors, adding blow to the UK’s virus-hit company. The consequences also include quota- and tariff-based trade under the World Trade Organization (WTO) terms.
UK voters decided to exit the bloc in June 2016. However, the process was delayed repeatedly until the country finally left the union on January 31. It remains under a transition period, which is due to expire on December 31. With only ten weeks left, more than 70 UK industry groups have urged politicians to continue the talks and strike a deal.
