Post-Brexit trade deal hopes renewed over new proposal

Post-Brexit trade deal hopes renewed over EU consideration of fresh UK fishing rights proposal

With a fresh proposal looking more promising than before, a post-Brexit trade deal is likely to be struck soon

Representative image. Credit: iStockPhoto

The European Union is considering a new proposal on fishing rights from the United Kingdom as British Prime Minister Boris Johnson tries to secure an 11th-hour trade deal, Bloomberg News reported on Monday.

Under the latest proposal, Britain is ready to let EU boats retain two-thirds of their catch, the report said. Last week the United Kingdom was insisting the EU accept a 60% cut, the report added.

The EU in recent days has offered a 25 per cent cut over a six-year transition - a proposal that France is deeply uncomfortable with and that has prompted outrage from the bloc’s fishing industry, according to a Financial Times report.

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Earlier on Monday, French European Affairs junior Minister Clement Beaune said that major hurdles remain over fishing in the Brexit talks and Britain's proposals are so far unacceptable to France.

The French government said earlier it was sticking to its "red lines" when it came to EU rights to fish in British waters.

Johnson said on Monday there were still problems in the trade talks and that Britain would thrive without a deal.

Britain says they are stuck on two issues - the so-called level playing field and fishing - and has repeatedly said the EU has to budge or there will be no deal.

Failure to agree a deal on goods trade would send shockwaves through financial markets, hurt European economies, snarl borders and disrupt supply chains.

Unless Johnson can strike a trade deal with the EU in the next 10 days, the United Kingdom will leave the bloc's informal membership on Dec. 31 at 2300 London time without one.