Business

Britain urges EU to work collectively on Brexit deal, will not undercut rivals

VIENNA (Reuters) – Brexit minister David Davis mentioned on Tuesday Britain and the European Union may attain a deal to entry every others’ markets and dismissed fears Britain would use Brexit to chop regulation to draw global companies, regardless of previous threats to take action.

In the most recent of a number of speeches by ministers to put out Britain’s Brexit plans, Davis informed business leaders in Austria that fears of Britain plunging right into a “Mad Max-style world borrowed from dystopian fiction” after leaving the EU are unfounded.

Instead, he proposed a system of “mutual recognition” the place either side agree frequent regulatory outcomes, comparable to client safety or monetary stability, however are in a position to pursue their very own insurance policies to succeed in these objectives.

“This will be a crucial part of ensuring our future economic partnership is as open, and trade remains as frictionless, as possible,” Davis mentioned.

“Britain’s plan, its blueprint for life outside of Europe, is a race to the top in global standards, not a regression from the high standards we have now.”

Davis is touring European capitals as Britain tries to influence EU leaders to strike a brand new deal on commerce. Britain desires to retain shut financial ties with the EU after it leaves the buying and selling bloc in March subsequent 12 months, whereas additionally being free to strike new commerce offers across the world.

But EU leaders have warned Britain can’t have each freedom from the bloc’s laws and frictionless commerce.

Davis mentioned Britain desires to work with the EU to create the best requirements of guidelines within the world, and cited employees’ rights and monetary regulation as areas that may very well be improved.

Britain’s Secretary of State for Exiting the European Union David Davis delivers a speech in Vienna, Austria, February 20, 2018. REUTERS/Heinz-Peter Bader

His feedback are designed to allay European politicians’ considerations that Britain may lower taxes and regulation to draw global companies.

Since Britain voted to depart the EU in 2016, supporters of Brexit have argued that eradicating the prices imposed by EU guidelines could be one of many major advantages.

CLOSE COOPERATION

Davis mentioned Britain and the EU may protect regulatory requirements by shut cooperation between regulators and using an impartial arbitration mechanism.  

“The agreement we strike will not be about how to build convergence but what to do when one of us wants to make changes to rules,” Davis mentioned.

“Such mutual recognition will naturally require close, even-handed cooperation between these authorities and a common set of principles to guide them.”

He mentioned the EU already has plenty of mutual recognition agreements with nations comparable to Switzerland, Canada and South Korea overlaying merchandise together with toys, vehicles, electronics and medical units.

Business leaders, anxious to protect cross-border provide chains, usually assist the plan.

The speech gives “assurances that the government wants to maintain and improve standards that deliver for consumers, whilst not inflicting any additional administrative burden on business,” mentioned Helen Dickinson, chief govt of the British Retail Consortium.

Davis’s speech comes because the EU is formulating its method to the subsequent stage of the Brexit negotiations and forward of a vital cupboard assembly on Thursday to resolve on Britain’s negotiating technique.

Writing by Andrew MacAskill; enhancing by Andrew Roche, William Maclean

Our Standards:The Thomson Reuters Trust Principles.

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