EU And UK Strengthen Negotiations On Drugs And Northern Ireland Customs

EU And UK Strengthen Negotiations On Drugs And Northern Ireland Customs

The EU and the United Kingdom will intensify negotiations this week on issues such as customs inspections in Northern Ireland and drugs entering the region. As the British had previously threatened to unilaterally abolish part of the agreement in accordance with Article 16 of the Northern Ireland Protocol, the market is worried that the recurrence of trade disputes between the two parties will cause economic damage to each other. At the beginning of the month, the Bank of England predicted that if the British side repealed some of the provisions, it would lead to an annual loss of 1% of British GDP. However, on Friday, EU negotiator Sevczovic said that after the meeting with Britain’s Brexit Secretary Frost, the atmosphere and tone of the negotiations between the two sides seemed to have changed, and the remarks drove the pound exchange rate to rebound from a low level.