Preliminary discussion on tariff rate quotas during second round of Brexit negotiations
Despite the EU’s hard stance of not negotiating trade until the second phase of Brexit discussions, negotiators began to raise certain aspects of trade in goods. The first substantial round of negotiations was held in Brussels last week where negotiators began to discuss how tariff rate quotas will need to be adjusted due to new import volumes into the EU as well as distribution after Brexit. This is viewed to be a complex topic, given that it will have implications for both the UK and the EU’s WTO schedules that ultimately need to be approved by all WTO members. The goal is to agree on a joint UK-EU proposal on the schedule by autumn of this year.