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U.K., EU Reach Tentative Brexit Deal
British Prime Minister Boris Johnson and the head of the European Union say they have reached a deal for a “soft” U.K. exit from the EU at the end of October.
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British Prime Minister Boris Johnson and the head of the European Union say they have reached a deal for a “soft” U.K. exit from the EU at the end of October.
The pact would create a new free trade agreement between the two entities that replaces the tariff-free arrangement enjoyed by EU members. But it also would impose unspecified “appropriate” rules of origin to determine which goods and services qualify.
The tentative deal faces a difficult vote in Parliament on Saturday, which three times rejected Brexit proposals by former Prime Minister Theresa May. A positive ratification vote would launch a transition period, during which much of current trade practices would continue.
Several trade organizations, pointing to the corrosive effect of uncertainty about Brexit over the past year, are urging a positive vote.
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