Brussels Proposes Cutting of Transition Period After Brexit

Forex News

The European Commission's proposal for the second phase of negotiations with London says that the EU offers the UK a transition period after leaving the community at 21 months instead of two years - from March 30, 2019 to December 31, 2020. EU representatives also noted that the transition period should be precisely defined in time and should not last longer than December 31, 2020.

During the second phase of the negotiations, which will begin immediately from the beginning of 2018, Brussels and London must agree on the terms of the transition period. The analysts suggest that negotiations on future partnership relations and a future trade agreement may have to be completed already during the transition period.