Post-Brexit talks: UK prepared to walk away in June if no progress
February 27, 2020, 12:33 pm

Post-Brexit talks: UK prepared to walk away in June if no progress

David Frost (l) and Michel Barnier (r) will lead the negotiating teams REUTERS AFP GETTY

he UK has warned the EU it will walk away from trade talks in June unless there is a "broad outline" of a deal.

Michael Gove told MPs the UK wanted to strike a "comprehensive free trade agreement" in 10 months.

But the government would not accept any alignment with EU laws as the EU is demanding, with Mr Gove adding: "We will not trade away our sovereignty."

The EU has already set out its priorities ahead of the formal start of the talks on Monday.

The government has published a 30-page document outlining its priorities for the talks.

The UK document says:

The UK "will not negotiate any arrangements in which the UK does not have control of its own laws and political life"

The UK's aim is for a trading relationship with the EU similar to the ones the 27-nation bloc has with Canada, Japan and South Korea

There will be no jurisdiction for EU law or the European Court of Justice in the UK

The UK will rely on World Trade Organisation rules under an arrangement with the EU similar to Australia's if progress on a comprehensive deal cannot be made

A separate agreement on fisheries is needed, to reflect the fact that "the UK will be an independent coastal state at the end of 2020".

The EU's 46-page negotiating document, published on Monday, indicated that the UK could be expected to keep aligned with changes to EU rules covering state subsidies for industry, environmental standards and workers' rights in future.

Any trade agreement "should uphold common high standards, and corresponding high standards over time with Union standards as a reference point", it added.

But Prime Minister Boris Johnson told BBC News: "The whole objective of doing what we're doing is so the UK can do things differently and better."

He added: "All we want is mutual recognition of each other's high standards and access to each other's markets.

"We wouldn't ask the EU to follow every particular in UK legislation so it doesn't make any sense for them to make the same requirement of us and that's that's where we are."

The EU's chief negotiator Michel Barnier has said Brussels is prepared to give the UK "super-preferential access" to the EU market of 450 million people.

But he said the UK has to accept alignment with EU rules as they develop to ensure fair competition with EU states, effectively ruling out a Canada-style deal.

"The UK says that it wants Canada. But the problem with that is that the UK is not Canada," Mr Barnier told an event at the European Parliament on Wednesday.

"This is because of Britain's proximity to the EU and the much larger trade volumes it has with the EU than with Canada."

Michael Gove, the minister in charge of delivering Brexit, hit back in his statement to MPs, saying: "Geography is no reason to undermine democracy.

"We will not be seeking to dynamically align with EU rules on EU terms governed by EU laws and EU institutions."

The UK officially left the EU at the end of January, but is continuing to abide by many EU rules while talks on a permanent trading relationship take place.

The UK's negotiating team will be led by Mr Johnson's Europe adviser David Frost.

Mr Johnson has pledged to get a deal with the EU by the end of the so-called transition period - 31 December 2020 - and has said he is not prepared to extend that deadline.

The government wants to agree a "broad outline" of a deal with the EU "capable of being rapidly finalised by September" in the next four months.

If that "does not seem to be the case" by an EU summit in June "the government will need to decide whether the UK's attention should move away from negotiations and focus solely on continuing domestic preparations to exit the transition period in an orderly fashion", the negotiating document says.

Critics say leaving without an agreement and going to World Trade Organisation rules - the terms countries use to set tariffs (taxes) on goods when they do not have free-trade deals - could damage the economy.

Labour's shadow Exiting the EU minister Paul Blomfield said the government's negotiating strategy was "frankly underwhelming".

He told MPs the government had a "cavalier disregard" for the consequences of failing to conclude a deal in the next 10 months and the uncertainty that would mean for business.

The Scottish National Party's Pete Wishart said: "This is nothing other than a routemap to the cherished no-deal - the real ambition of these Brexit zealots."

source:BBC NEWS

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.