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EU and International Update

Intensive talks resume today after a new breakthrough in the UK-EU negotiations, following positive discussions between the chief negotiators this week.

21 Oct 2020, 3 min read

As expected, last week’s European Council did not provide a breakthrough in the UK-EU negotiations. Instead we saw growing rhetoric on both sides, pushing each other to be the one to compromise. Over the weekend, the CBI - along with 71 trade associations and professional bodies - publicly called for leaders on both sides to show historic political leadership, urging compromise to find a route through to a deal.  

Progress made

On Wednesday, both sides “jointly agreed a set of principles for handling this intensified phase of talks” which allow for a new momentum. From our conversations with those in the negotiating rooms, the CBI understand that progress has been made across 8 of 11 negotiating tables – with the sticking points continuing to be the level playing field, fish and governance.  

While there is progress on the process, and a deal is achievable, it is not guaranteed. And from CBI conversations with officials, the EU is not willing to agree a deal at any cost. Timelines continue to be squeezed, with very little room for error on either side to avoid a no deal. Every minute counts, and even with the latest compromise, talks are likely to go right down to the wire.  

Supporting your business through Brexit uncertainty

The CBI understand how the Brexit uncertainty has created a significant preparations deficit for business. Irrespective of a deal, businesses need to prepare for change from the 1 January 2021 and the CBI is here to support you in these preparations.

Our UK Transition Hub is filled with materials, from briefings and timelines to economic analysis, designed to help businesses of every shape and size prepare for the end of transition on 31 December. 

The CBI's first International Trade  Conference

The CBI held its first International Trade Conference, which saw over 900 delegates watch a wide range of panel discussions, with guests including Liz Truss, Antonia Romeo, Julian Braithwaite, Emily Thornberry, and a series of senior business speakers from the UK and around the world.

Many of the themes centred around recommendations in a new CBI report, Partnership for prosperity, which outlines how government and business can work together to seize the opportunities of international trade and investment to fuel the economic recovery. You can find a summary of the conference here. 

Other highlights this month:

  • The UK-Japan deal was recently finalised, and the text will be made public imminently. The agreement goes beyond the EU’s deal with the Japanese in areas such as digital and data.

  • At the World Trade Organisation, the leadership process has narrowed the field down to two, and it is guaranteed that a woman will next lead the organisation.

  • The CBI’s multilateral agenda is increasing, particularly through leading the B7 in 2021, the group of business associations feeding into the G7, and;

  • The new incarnation of DIT’s Strategic Trade Advisory Group (STAG) met for the first time, with the CBI retaining its seat as the business representative organisation on the group.