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10/17, 12:15 PM (Source: TeleTrader)
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Barnier: Brexit deal to provide legal certainty

European Union's chief Brexit negotiator Michel Barnier said at a press conference on Thursday that the new Brexit agreement will "provide legal certainty" for citizens of both Britain and the EU. He added the deal also includes a 14-month transition period, which could be extended by the end of 2021 or the end of 2022 if the two sides agree.

Barnier confirmed London and Brussels also agreed on a new protocol on Northern Ireland and Ireland that, as he stated, ensures there is no hard border on the island, while also preserving an all-Ireland economy and protecting the integrity of the EU single market. The solution means Northern Ireland will remain a part of the UK customs territory but also an entry point into the single market, Barnier stressed and added there will be no customs check on the island of Ireland. On the issue of VAT, he said the agreement "maintains the integrity of the single market, while respecting the UK's digital wishes."

The EU official added that the Northern Irish assembly will decide by a simple majority if the agreed protocol will be extended past the initial four-year period after Britain's departure from the bloc.

Breaking the News / NP