The European Parliament overwhelmingly approved Britain's departure terms
from the EU - the final major decision in the four-year Brexit saga. The vote was
621 to 49 in favor of the Brexit deal that British Prime Minister Boris Johnson
negotiated with the other 27 EU leaders in the other 27 EU leaders in the fall of
last year. While backing Britain's departure in the wake of the country's vote to
leave in a referendum in June 2016, EU countries are already preparing for the
possibility that talks on a new trade deal with Britain could collapse by the end
of the year, and no-deal contingency planning for a chaotic end to the transition
period is necessary. Now, negotiations move on how to cooperate in the future.
Britain is seeking got thrash out a comprehensive trade deal within 11 months.
That timetable is viewed as ambitious by many observers of trade discussions,
which can often drag on for years. "We will not yield to any pressure," French
President Emmanuel Macron said. “The priority is to define, in the short, medium
and long term the interests of the European Union and to preserve them." The EU
has said such a timespan is far too short and fears remain that a chaotic exit might
still happen at the end of the year if the transition ends without any agreement in
place. De Montchalin said that unless Britain asks to extend the transition period
before the summer, both sides will be facing a cliff-edge scenario by the end of the
year where borders could be closed, tariffs imposed and rules changed overnight, to
the detriment of smooth trade.