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13/12/20 14:51 PM IST

UK readies navy to protect fishing if Brexit talks fail

Context

UK could be out of the EU on January 1, 2021, without a trade agreement in place as the two sides remain divided on key areas amidst last-ditch talks between the chief Brexit negotiators.

In news

Britain readied armed Royal Navy ships to patrol its fishing waters if Brexit talks with the European Union fails.

Need Of Brexit Deal
  • The EU and the UK always had to agree new rules for how to live, work and trade together.
  • While the UK was in the EU, companies could buy and sell goods across EU borders without paying taxes (known as tariffs). If there is no trade deal, businesses will have to start paying these taxes, which could make things more expensive.
  • As well as a deal on goods the UK would like one on services, which are a big part of its economy. 
Few Terms

Free trade agreement: This is what the EU and the UK are trying to agree - a deal between countries that encourages trade by getting rid of barriers like taxes on goods

WTO rules: If countries don't have free trade agreements, they must trade according to rules set by a global body called the World Trade Organization (WTO), which generally involve tariffs, which are taxes on goods brought into a country.

Source: The Hindu

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