Facing the heat over Brexit ever since she assumed as British Prime Minister , Theresa May has finally got some relief as she and her Cabinet according to various media reports, have reached a “collective” agreement on a “business-friendly” plan for Brexit.
In a statement, the British leader said she would present the proposal to EU officials quickly. Both sides want a deal by October, before Britain leaves the bloc in March 2019.
May’s proposal calls for the UK and the EU to establish a free trade area that would allow goods and agricultural products to move across borders without delays.
Announced at the end of a crucial summit , the proposal seeks “to preserve frictionless goods trade with the European Union and avoid the border checks and tariffs” most feared by manufacturing companies, the UK media reported.
In return for unfettered access to its biggest export market, the UK would commit to following EU rules and regulations on goods. It would also accept a limited role for bloc’s top court, the BBC reported.
The British government said the proposal marked a “substantial evolution” in its negotiating position and it included concessions that would maintain closer ties with the EU than May had previously sought.
However, certain elements of the proposal are likely to be unacceptable to the EU. The world’s biggest trading bloc only grants unfettered market access to countries where all its citizens have the right to live and work. May wants to end this freedom of movement, replacing it with a vague “mobility framework.”
According to the plan, banking and other UK service industries, which make up the vast majority of the UK economy, would lose some access to European markets.
However, what will be comfort for May is that Britain’s biggest business lobby group, the Confederation of British Industry, welcomed the announcement as a “good starting point”.