Fishing talks move at snail's pace in EU-UK Brexit standoff

European Union and British negotiators on Saturday extended ir standoff over EU fishing rights in U.K. waters and remained unable to make a decisive breakthrough in tre talks aimed at averting a chaotic and costly post-Brexit split on New Year's Day. Despite movement on major issues to keep tre going once a Brexit transition period ends on Dec. 31, two sides haggled over fish quotas and rights of trawlers without much success, turning a sector of little financial significance into a lightning rod which could decide outcome of nine-month negotiations.

Two sources close to talks said negotiations were bound to spill over into Sunday, which EU Parliament set as deline for giving lawmakers eugh time to approve a deal by end of year.  One official said EU was refusing to yield more than a quarter of fishing quotas bloc stands to lose w that Britain is regaining full control of its waters due to Brexit. Britain is also stefast that a 3-year transition period would be long eugh for EU fishermen to apt to new rules, while EU wants at least six years. official spoke on condition of anymity because talks were still ongoing.

EU chief negotiator Michel Barnier called this weekend “home straight of negotiations” but even with finish line in sight and most of issues settled, talks hinged on an industry which contributes less than a percent to gross domestic product of eir side.

Yet, fishing and control of its waters was an essential part of 2016 Brexit referendum, when British voters narrowly decided to leave bloc. And for nations like France, fishing communities have long held a sway over national politics well beyond ir ecomic importance.

A failure to reach a post-Brexit deal would le to more chaos on Britain's borders with EU at start of 2021, when new tariffs would d to or impediments to tre enacted by both sides. talks have bogged down on two main issues over past days — EU’s access to U.K. fishing waters and assurances of fair competition between businesses.

European Parliament needs to ratify any agreement, and its members said y would need to have terms of any deal in front of m by late Sunday if y are to organize a special garing before end of year. If a deal comes later, it could only be ratified in 2021, as parliament wouldn’t have eugh time to debate a proposed agreement before new year starts.

A tre deal would ensure re are tariffs and quotas on tre in goods between two sides, but re would still be technical costs, partly associated with customs checks and n-tariff barriers on services. While both sides would suffer ecomically from a failure to secure a tre deal, most ecomists think British ecomy would take a greater hit, at least in near-term, as it is relatively more reliant on tre with EU than vice versa.

(Im Credit: AP)