United Kingdom and Switzerland strike post-Brexit continuity agreement

United Kingdom and Switzerland strike post-Brexit continuity agreement

If the United Kingdom left without a deal, its trade relations with the European Union would be governed by the World Trade Organization rules.

It is planned he will have dinner with the EU's chief negotiator Michel Barnier later this evening.

Bettel said: "The position of the Brexiteers today, to sum it up in one sentence is 'No".

A vote on the deal is now expected to be held later this month.

But the Prime Minister is expected to offer MPs a further chance to vote on non-binding amendments on February 27.

"I'm certain of one thing, is that it's not going to be as good as if they had not been Brexit, that is for sure", Lagarde said.

A pro-Brexit protester stands outside the Houses of Parliament in London, Britain, Feb. 7, 2019.

He said the ideas put forward by Corbyn were "not workable", because it was impossible to subscribe to his proposal to have a customs union with the EU while also influencing EU policy.

In particular, there are few signs of progress in negotiating deals with big trading partners such as Japan, South Korea and Canada. And seven of Britain's top 10 import markets are in the European Union, with Germany on top of the pile.

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Also on Monday, the economy minister for the United Arab Emirates said Britain had approached the UAE and other Gulf countries about a possible post-Brexit trade pact.

The researchers at the Halle Institute for Economic Research said Monday they modelled what would happen if British imports from the European Union fell 25 percent due to lack of a negotiated trade arrangement.

The study said the German vehicle industry would be the worst hit, with an estimated 15,000 positions lost across production and sales, concentrated in places like Volkswagen's home turf in Wolfsburg and BMW's in Dingolfing, Lower Bavaria.

The authors, Hans-Ulrich Brautzsch and Oliver Holtemoeller, cautioned the figures do not predict the precise numbers of people who would be laid off. Companies could put workers on shorter hours or find other markets.

The deal reflects Switzerland's "mind the gap" strategy of ensuring seamless trade ties with Britain, regardless of whether London is able to strike and approve a formal exit agreement with Brussels by March 29, the date it is scheduled to leave.

The UK is now preparing for a Brexit no deal and in December the Chancellor, Philip Hammond, announced a further £2billion in "Brexit preparedness" taking the total budgeted figure to more than £4billion.

The agreement was signed earlier in the day in the Swiss city of Bern by UK Secretary of State for International Trade Liam Fox and Swiss Federal Councillor Guy Parmelin.

The Swiss government is pursuing a strategy dubbed "Mind the Gap", which is meant to stabilise British ties after Brexit.

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