InstaForex

July 22, 2021

Warning to EU, UK Wants New Brexit Agreement?

 The United Kingdom (UK) on Wednesday demanded a new deal to oversee post-Brexit trade involving Northern Ireland and at the same time warned the European Union that the UK would not hesitate to boycott the deal agreed last year.


The Northern Ireland Protocol was agreed by Britain and the European Union as part of the Brexit 2020 deal after 4 years of the UK choosing to withdraw from the EU.


The protocol essentially involved a rigorous inspection of goods between the UK and Northern Ireland, however this eventually proved to be a burden on businesses and citizens who chose to be under the UK.



Minister David Frost was among those who loudly voiced this. He tends to see opportunities to address this issue in a different way. Hence the need for discussion and agreement from the EU to reach a new balance for the benefit of all.


The UK as detailed in a warrant stressed that they wanted a ‘new balance; which is no longer regulated by EU institutions and the European Court of Justice. In other words, a "more conducive and fair" framework of agreement.


On that basis Frost argued that this proposal would require significant changes to the Northern Irish protocol. At the same time emphasize that such changes are needed to address the current situation.


For example, the UK is demanding that the EU allow a new agreement involving Northern Ireland to be implemented.