EU-UK leaders said mediation talks between Britain and EU on post-Brexit trade will continue

DUBLIN: The EU-UK leaders have said that the mediation talks between the UK and the European Union on post-Brexit trade will continue. The leaders will discuss each other and try to reach an agreement in the coming days. The negotiators decided to pause the talks less than four weeks before the end of Britain’s Brexit journey out of the European Union.

Brexit chief negotiators – Britain’s David Frost and the EU’s Michel Barnier said they hoped the leaders would be able to inspire new talks even after the deal failed to happen. The negotiations stalled when London alleged that Brussels had raised new demands. But this has been denied by the EU.

Yesterday, British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen made a final round of efforts to resolve the crisis. It focused primarily on French demands for fishing rights in British waters.

The discussions that are still underway have concentrated on fishing, ensuring fair competition, and ways to resolve future disputes. Negotiations on this have been suspended but neither side has withdrawn from the talks. Both sides want to avoid a random end to more than 40 years of British membership in the European Union. The two also hope that an agreement will be reached to securel the annual trade of almost $1 trillion.

After a week of intense discussions in London, the two chief negotiators confirmed that an agreement could not be reached as there were significant differences of opinion on the three issues. “On this basis, they agreed to pause in order to brief their principals on the state of play of the negotiations,” they said in a statement.

When EU Commission President Ms. von der Leyen and British Prime Minister Boris Johnson met again yesterday afternoon to discuss the current situation, no definite agreement was reached. At the same time, both sides reacted negatively to the progress of the talks. British officials said talks were at a critical juncture when EU officials said they were on the verge of a deal.

Now the leaders can decide whether they want to shift the negotiating positions and compromise to find grounds for a deal, or instead, to walk away. The European Union (EU) has asked Britain to decide what the future holds outside the bloc’s single market and customs union.

If both sides fail to reach an agreement, the five-year Brexit divorce will end, just as the huge financial obligations caused by the COVID-19 crisis. A no-deal Exit is creating a nightmare situation for businesses and investors as it could cause problems, including border looting and financial market exploitation.

British government sources have accused the European Union of obstructing negotiations by seeking more concessions. The EU had disrupted talks by trying to force further concessions and France, which fears losing many of its rights to fish in British waters, warned it might rebel. But

The European Union has denied the allegations.

French European Affairs Minister Clement Beaune has stated that he will never accept an agreement with conditions that are harmful to our fishermen, manufacturers and citizens. “If a good agreement cannot be reached, we will oppose it. Each country has a veto right, so it is possible… We will do our own evaluation of this draft deal, if there is one,” he said.

At the same time, the value of the sterling against the US dollar fell by half a percentage point. The value fell to $1.3425 from $1.3475 before the negotiators’ statement. The value of the pound was lower than the euro.

Taoiseach Micheál Martin said he expects a trade agreement between the UK and the EU. Mr. Martin said he hoped the talks would continue over the weekend.