The European Union is reportedly considering a new fishing rights proposal from the United Kingdom as Prime Minister Boris Johnson makes an effort to secure a last moment trade deal. According to the sources of knowledge, the latest proposal indicates that Britain has agreed to let the boats from EU to retain two thirds of the catch. Apparently, the United Kingdom was insisting that the EU must agree upon 60% cut last week.
It has been reported that the EU recently offered a 25% cut over a span of six years. However, France is not very comfortable with this proposal and this has fueled an outrage from the bloc’s fishing industry.
Commenting on the matter, Clement Beaune, junior Minister, French European Affairs stated earlier that major obstacles continue to exist regarding fishing in the Brexit talks and the proposal raised by Britain is so far unacceptable to France. Besides, the French government in this regard had stated that it was adhering to its “red lines” when it came to EU rights pertaining with fishing in British waters.
Meanwhile, Johnson on Monday stated that despite the disparities in the trade talks, Britain would still flourish without a deal. Britain has made a statement that it is stuck on two issues of level playing field and fishing. It has repeatedly said that the EU must shift or there will be no deal.
Apparently, failure to reach an agreement on goods trade can lead to serious consequences for the financial markets, hurting European economies, create chaos across borders, and disturb the supply chains.
Unless Johnson makes a trade deal with the EU in the coming 10 days, the United Kingdom will abandon the bloc’s informal membership on December 31 at 2300 London time without a deal.