InstaForex

October 8, 2021

Will New EU Proposals Ease Tensions With The UK?

 The European Union (EU) is drafting a proposal to address the issue of trade flows between Northern Ireland and the rest of the UK which will be tabled as soon as early next week.


The EU will offer greater flexibility in the shipment of pharmaceutical goods to Northern Ireland and the process for inspecting food products by simplifying customs inspections as well as giving a greater role to local institutions.


European Commission vice -president Maros Šefčovič said the EU would submit new proposals for the Northern Ireland Protocol next week and hoped talks would begin before the end of this month.



In addition, he also hoped that they would form the basis for intensive discussions with the UK.


Earlier, UK Brexit Minister David Frost threatened to use article 16 protections that would allow both sides to suspend the deal if it had a negative impact.


The move came after the EU rejected a proposal to renegotiate the protocol. However, it said it was willing to make adjustments to ease tensions between Britain and Northern Ireland.