Originally posted by the Voice of America.
Voice of America content is produced by the Voice of America,
a United States federal government-sponsored entity, and is in
the public domain.


Britain, EU Down to Wire on Trade Deal

Jamie Dettmer

   The European Union had hoped to have been finished with Brexit months
   ago. But when leaders of the 27 member countries meet Thursday for a
   summit, they will have to once again consider what kind of future trade
   and security relationship they are prepared to have with Britain.

   After four years and five months of often fractious talks, London and
   Brussels are down to the wire in their efforts to seal a deal that will
   avoid tariffs and reduce trade barriers between the bloc and Britain.

   Both sides have much to lose if a deal has not been struck by the end
   of the year when Britain's exit transition period is over.

   Serious consequences

   Britain could be the bigger loser, as the EU is its biggest trading
   partner. But there will be serious economic repercussions for Ireland,
   France, Germany, the Netherlands and Belgium in the event of a no-deal.

   "Brexit means both sides lose, but the United Kingdom loses
   considerably more," said Lisandra Flach, director of the Ifo Center for
   International Economics, a Munich-based research group.

.