UK Seeking Interim Customs Deal After Brexit

Britain has said it wants an interim customs agreement with the European Union after Brexit to allow the freest possible trade of goods, but that it will also seek the right to negotiate other trade deals — a possible sticking point in the talks.

According to excerpts of a government document to be published on Tuesday setting out Britain’s strategy, the government will say one option to minimise friction when it leaves the bloc in March 2019 would be to introduce a temporary customs union, which should be “time-limited”.

That would provide certainty for businesses, the government said, aiming to address a main concern of companies who fear the introduction of customs checks will cause expensive delays.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.