UK ministers name for EU market entry throughout Brexit transition

BERLIN (Reuters) – British finance minister Philip Hammond and Brexit minister David Davis have known as in a German newspaper for Britain to retain its present entry to EU markets for a transition interval earlier than its ultimate exit from the European Union.

Britain’s Chancellor of the Exchequer Philip Hammond arrives in Downing Street, London, January 9, 2018. REUTERS/Peter Nicholls

The ministers, who are as a consequence of start a go to to Germany on Wednesday, wrote in a visitor article for Wednesday’s Frankfurter Allgemeine Zeitung that was additionally within the pursuits of Germany and the European Union.

The transition interval would begin when Britain formally exits the EU’s single market and customs union.

“During this period access to the markets of others should remain in its current form and on the basis of the existing rules, provisions and institutions of the EU,” they wrote.

Having such a time-limited transition interval would give British and European corporations time and guarantee they solely have to arrange for one set of modifications, after the character of Britain’s future buying and selling partnership with the EU is evident, the ministers added.

The ministers wrote that the British government understood the German place that Britain couldn’t go away the EU whereas on the similar time having fun with all the advantages of EU membership.

But they added: “The EU’s priorities are not incompatible with ours: a deep and special partnership with our closest trade partners and allies.”

It was essential to achieve an settlement to advertise banking sector cooperation in Europe after Brexit to protect stability, they wrote.

They mentioned Britain remained dedicated to Europe’s safety and needed Britain and the EU to work collectively carefully towards threats in future.

On commerce, they wrote that Britain was aiming to realize the world’s most formidable financial partnership with the EU.

“We should tackle this imaginatively and inventively, just as both of our countries have always acted in the EU, to get a tailored solution that builds on our deeply integrated and unique starting position,” they wrote.

Reporting by Michelle Martin and Madeline Chambers; modifying by Thomas Escritt and Andrew Roche

Our Standards:The Thomson Reuters Trust Principles.

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