BREXIT PLAN
Key points
AFP
LONDON: Britain set out in detail yesterday its proposals for the future economic and security relationship with the EU after Brexit, reports AFP. The plan foresees an overall association agreement with the EU encompassing different deals on different areas. Here are the key points:
Trade in goods
Britain and the EU would maintain a common rulebook for goods to ensure smooth trade including in agricultural, food and fisheries products.
In eliminating tariffs, quotas and rules of origin requirements, it would protect supply chains that criss-cross the EU and just-in-time processes vital to, for example, the automotive industry.
It would also avoid border checks between British Northern Ireland and EU member Ireland.
Britain and the EU would agree any new rules through joint technical committees, and parliament would reserve the right to reject them, while accepting consequences for market access.
It would use technology to apply British tariffs to goods intended for Britain, and the EUs tariffs on those intended for the bloc. This would be phased in but officials insist it can be operational before the end of a post-Brexit transition period planned to last until December 2020.
Britain would leave the EUs Common Agricultural Policy and Common Fisheries Policy.
Financial services
Around 1.4 trillion ($1.85 billion/1.58 billion euros) of assets are managed in Britain for European clients, the governments white paper notes, and the City hosts most of the EUs trading for banks and insurance companies.
The paper concedes that City firms will lose their passporting rights to operate freely across the EU, once Britain exits the single market.
But it also says that because of the deep cross-Channel links, equivalence is not good enough either.
That refers to special bilateral arrangements already used by financial firms from Wall Street, Japan and China, whereby they agree to meet EU rules to keep access to the common market.
European Court
The EU and Britain would establish a political governing body and an official-level technical committee to oversee the deal.
Direct jurisdiction of the European Court of Justice would end, with all disagreements enforced in Britain by British courts, although they would pay due regard to EU case law.
Both sides would need to agree a means of resolving disputes, including through binding independent arbitration.
Migration
Britain would end free movement of people from the EU, and parliament would decide on any future immigration plans, but would seek reciprocal mobility arrangements with the bloc.
It wants to support businesses to move staff between the two territories, allow mobility for students and young people, and allow citizens to travel without visas for tourism and temporary business activity.
Any deal should also include arrangements ensuring that Britons retiring to EU countries have access to their pensions and healthcare.
Standards and competition
Britain would legally commit to a common rulebook on state aid rules, and establish cooperative arrangements on competition. Both sides would agree to maintain high regulatory standards in areas such as environment and employment.
Security
Britain wants a new treaty allowing it to continue using EU internal security measures such as the European Arrest Warrant and to participate in agencies such as Europol.
It also proposes cooperation on external security, such as sanctions.
