Trade

No such thing as ‘frictionless’ trade, Barnier warns Britain

European Union chief Brexit negotiator Michel Barnier says “frictionless trade” between the EU after Britain leaves the EU is “not possible”.

The UK government’s “red lines” meant Britain was definitely leaving the single market and the customs union, and only membership of both allowed “frictionless” trading arrangements, he said.

Prime Minister Theresa May is still hoping for trade that is “as frictionless as possible”, her spokesman said in response.

But Mr Barnier said he was unsure the EU’s insistence on preserving its own rules “have been fully understood across the Channel”.

(Source: Reuters)

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