For Brexit to be Brexit, Britain will have to first settle its bills, cross guarantee citizen’s rights, and accept the European Court of Justice as the final authority in all legal matters till it exits the bloc.
With British Prime Minister setting the ball rolling on Brexit, the European Parliament made it crystal clear to Britain that if it were to pursue its divorce from the EU successfully, it would first have to clear its bill. Only after this will a negotiations on a new trade treaty will be discussed.
Senior lawmakers from the European Union have said that there is every possibility of transitional arrangements being put in place to smoothen UK’s departure, however they have an upper limit of 3 years.
The draft resolution passed by the European Parliament also states that the European Banking Authority and the European Medicines Agency will have to relocate to Europe as soon as it is practically possible.
The draft resolution essentially places the framework for the negotiations.
The Strasbourg-based assembly will have a final say on any deal struck with Britain.
With EU lawmakers stating that the entire Brexit process is reversible, those Britons who had voted for the country to remain within EU have been further encouraged, despite opposition from Michel Barnier, EU’s Chief negotiator, to make any such comment.
In this regard, EU’s Parliament president, Antonio Tajani, told during a press conference, that if Britain were reverse its decision, its entry into the EU fold cannot be automatic since “it cannot do it alone (as) all member states need to decide whether it is possible (too)”.
Pre-requisites for a trade deal
Before negotiations on any trade deal can begin, substantial progress needs to be made on a withdrawal accord that should include a bill for Brexit which guarantees legalities for EU citizens living in Britain and British nationals residing in EU countries, as well as legalities for companies.
“Not reaching a deal on citizens’ rights means not reaching a deal at all,” said Tajani.
Nearly 1 million British nationals prefer to stay in EU countries while 3 million EU citizens currently live in the UK.
The draft resolution by EU’s parliament calls for not only for EU’s outstanding commitments to the bloc’s budget but also “provision for off-balance sheet items, contingent liabilities and other financial costs that arise directly as a result of its withdrawal”.
Till that time Britain formally exits the bloc, Britain will have to recognise the European Court of Justice as the “competent authority for the interpretation and enforcement of the withdrawal agreement”.