On Sunday, the EU Council must approve an agreement on future partnerships between Brussels and London. Cooperation is expected to remain close and fruitful.
British Prime Minister Theresa May expressed confidence that the parties would agree on the conditions for the country’s withdrawal from the European Union. The declaration is the best solution “for a common brighter future.”
The Prime Minister also mentioned that the treaty with Spain regarding Gibraltar was just around the corner too. We recall that the Spanish side does not want to support Brexit without clarifying the conditions of future relations with Britain. We recall that this small piece of land located on the Iberian Peninsula for two hundred years is an apple of discord between London and Madrid. Currently, Gibraltar is part of the EU due to the UK membership; it is obvious that the withdrawal of this strategically important territory from the European Union will significantly complicate the life of Spain.
After agreeing on the declaration, the price of the British currency has risen by almost 1% against the US dollar. The possibility of signing a set of documents regarding Brexit is very high.
The declaration also states that future agreements should take into account the priorities of the parties, as well as past and future ties between the economies of the EU and the UK.
The document covers cooperation in many areas: trade, criminal justice, defense, security, law, etc. In addition, the EU and Britain will maintain partnership in the military, space and intelligence fields.
The EU summit must approve a package of documents consisting of the declaration on the relations of the parties and the draft agreement on the withdrawal of Britain from the European Union. At the moment, the most important issue is what the trade between the parties will look like after 2020.
Theresa May also needs to get the approval on Brexit from her Parliament.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade