Home / news / The post-Brexit agreement .. European Union ambassadors ask for a deadline to study it, Turkey welcomes and oil is rising

The post-Brexit agreement .. European Union ambassadors ask for a deadline to study it, Turkey welcomes and oil is rising

The ambassadors of the European Union held a meeting in Brussels this morning, Friday, to discuss the details of the meeting that was reached yesterday between the countries of the Union and Britain regarding the details of its exit from the Union at the end of this month.

The ambassadors requested a period of time to study the texts that were agreed upon in cooperation with the European Commission, in addition to speeding up any amendments to the countries most affected by Brexit.

Turkey welcomes

As part of the reactions to the agreement, the Turkish Foreign Ministry said today that Ankara welcomes the trade agreement concluded by Britain with the European Union.

The ministry said in a statement, “Turkey – which has close relations with Britain in all fields, is also a candidate for membership of the European Union, and (partner) in the European Union customs union – believes that this agreement will provide it with new opportunities in relation to its relations with the European Union and Britain.”

“In this context, preparations for the conclusion of a free trade agreement between Britain and Turkey have reached their final stage,” she added.

Brussels and London announced on Thursday evening that they had reached a post-Brexit trade agreement that ended 10 months of difficult negotiations that cast a shadow over global markets.

The agreement allows Britain to safely exit from midnight on December 31, which will spare the continent the economic chaos that was expected in the event of Britain’s exit without an agreement.

Under the agreement, the volume of fish wealth that British fishermen can catch will increase after it was subject to the European quota rules, and the two parties will also guarantee the continuation of trade and goods movement without tariffs or quotas.

The chief Brexit negotiator for the European Union, Michel Barnier, pledged Thursday evening that Brussels would stand by European fishermen after Britain left the bloc.

Oil is rising

Crude oil prices registered a slight increase today, Friday, after the European Union and Britain reached a trade agreement after the London exit from the bloc (Brexit).

But the expansion of the Coronavirus pandemic and the detection of two new strains of the virus, in addition to Russian statements on increasing supplies, limited the gains in crude prices.

Brent crude for February delivery rose 13 cents, or 0.25%, to $ 51.37 a barrel.

US West Texas Intermediate crude futures for February delivery increased 18 cents, or 0.37%, to $ 48.30 a barrel, but crude is heading to incur a weekly loss of 1.5% under the pressure of the pandemic.

The coalition – which includes the Organization of Petroleum Exporting Countries (OPEC) led by Saudi Arabia and producers from outside it led by Russia – decided last November to increase supplies by 500 thousand barrels per day as of early January 2021.




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