Secure Trade Deals Fast, Businesses Urge Boris Johnson After His Victory

The soon to be sworn in Prime Minister of the United Kingdom Boris Johnson has been urged by multiple business groups and companies to start preparing for negotiations of terms and conditions for reaching trade agreements with the European Union after Brexit.

Johnson was urged to avoid a no-deal Brexit by businesses following the massive victory of his party in the UK elections which he fought on the pledge to “get Brexit done”.

Business groups are concerned that before writing its own trade deals, the UK could ditch the EU’s trade agreements with the rest of the world.

“The real work… starts now,” said CBI director general Carolyn Fairbairn. The assurance that the businesses now want from Johnson is that there would not be another “no-deal cliff-edge” Brexit, she said in an interview to the BBC.

The director general of the Institute of Directors, Jonathan Geldart, said that as soon as the results of the national election started to get clear, it is most likely that the business leaders immediately started thinking about Brexit. “For directors, ‘get Brexit done’ will only have meaning once the details of our long-term future relationship with the EU are clear. They need a framework to plan for the future from,” he said.

“The prime minister must resist the urge for arbitrary negotiating deadlines and should commit to a proper adjustment period that starts when businesses know the full detail of what changes they may be facing,” he added.

The “content and shape of any new deal” were lesser of a concern for business bosses and instead they are concerned about the speed of coming to an agreement with the EU, he said.

Indications that the EU is ready to start talks on Brexit with Johnson, said the president of the European Council, Charles Michel. “We will negotiate a future trade deal which ensures a true level playing field,” Michel said in a tweet congratulating the prime minister on his election win,

After Brexit, the UK will now have the freedom to work out a “massive” new trade deal with the US, said the United States president Donald Trump in a tweet.

“Congratulations to Boris Johnson on his great WIN! Britain and the United States will now be free to strike a massive new Trade Deal after BREXIT. This deal has the potential to be far bigger and more lucrative than any deal that could be made with the E.U. Celebrate Boris!”, tweeted Trump.

Stephen Phipson, the chief executive of manufacturers’ organisation of Make UK, said that the new government should start the process of ironing out details of any future deal as soon as possible.

“The first job is the urgent need to begin negotiations on our future trading relationship with Europe, cementing frictionless trade, access to key skills, regulatory alignment and space for business to prepare for new arrangements,” he said. “Manufacturing exports are one of the powerhouses of our economy and we must allow them to flourish,” he added.

(Adapted from BBC.com)



Categories: Economy & Finance, Geopolitics, Regulations & Legal, Strategy, Sustainability, Uncategorized

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