LONDON: Britain can only come up with a figure for a financial settlement with the EU when Brexit has been agreed, trade minister Liam Fox said on Sunday, warning leaders not to believe London is bluffing over a no deal.
Prime Minister Theresa May won a reprieve last week in the talks to unravel more than 40 years of union, when EU leaders offered a signal that the negotiations could move on to a discussion of future ties in December.
But the British leader, weakened after losing her Conservatives’ majority in a June election and failing to reset her agenda at an ill-fated party conference, faces several hurdles at home before being able to force the talks forward.
She must get legislation to sever ties with the EU through both houses of parliament, and, on Sunday, the opposition Labour Party said it would team up with Conservative rebels to try to force changes to the EU withdrawal bill.
Fox, speaking on ITV television, said Britain would offer the other 27 EU members “further assurance” on its divorce before the next summit in December to unlock the talks to make way for a discussion of future trade ties.
“I don’t know what that number is but it’s very clear that we could only have that final number as part of a final agreement, we would want to know what the end state is,” Fox said.
“Away from the hyperbole around the divorce bill there is actually a great deal of cooperation going on between us,” he said, adding that the government would show the EU that “we are moving in the right direction” on the first phase of talks.
But he also said the EU should not believe that Britain was bluffing by saying it was preparing for a no deal, describing trading according to World Trade Organization rules as “not exactly a nightmare scenario.”
May faces a delicate balancing act, not only in Brussels where she must respond to the EU’s demands for more concrete pledges on the so-called divorce bill, but also at home, where some of her lawmakers want her to walk away from the talks.
Upping the pressure on her, Labour’s Brexit spokesman Keir Starmer said the party would back Conservatives hoping to amend the EU withdrawal bill, which seeks to ‘copy and paste’ EU law into British legislation to ensure Britain has functioning laws and the same regulatory framework when it leaves.
Starmer said he wanted six changes to the bill, including parliament getting a final vote on any Brexit deal and a “completely different approach” to the use of the powers the government will have under the legislation, which will not be put before parliament until next month.
“I believe there is a consensus in Parliament for these changes,” he wrote in The Sunday Times newspaper.
— Reuters
UK divorce bill figure will come in final Brexit deal
UK divorce bill figure will come in final Brexit deal
Egypt, Turkiye aim to increase trade volume to $15bn by 2028
RIYADH: Egypt and Turkiye have agreed to work toward increasing bilateral trade volume from approximately $9 billion to $15 billion by 2028.
This includes cooperation in exploration and development activities in the hydrocarbons and mining sectors, as well as in transportation and the automotive industry.
This agreement was confirmed by Egyptian President Abdel Fattah El-Sisi and Turkish President Recep Tayyip Erdogan in Cairo during the second meeting of the High-Level Strategic Cooperation Council, co-chaired by the two heads of state.
President El-Sisi emphasized that the agreement seeks to strengthen constructive cooperation between the two countries in the coming period. He directed companies and institutions in Egypt and Turkiye to work towards achieving this goal and explore ways to enhance trade cooperation, currently valued at $9 billion. He noted that Egypt is Turkiye’s leading trading partner in Africa, and that Turkiye ranks among the top destinations for Egyptian exports.
In his remarks, El-Sisi highlighted the importance of working toward increasing trade volume to $15 billion, removing obstacles to achieving this objective, and bolstering investments as well as all aspects of economic cooperation.
For his part, Erdogan said: “We are taking decisive steps toward our goal of increasing the value of trade exchange between the two countries to $15 billion. We are pleased that Turkish companies’ investments in Egypt are approaching $4 billion and contributing to creating more job opportunities.”
Erdoğan further stressed Turkiye’s commitment to establishing “an economic model in which the two countries complement each other, making us stronger in the face of global fluctuations.”
Anticipated Egyptian-Turkish cooperation in energy, transportation
The Turkish president revealed that mutual investment opportunities between the two countries will be discussed during the Egypt-Turkiye Business Forum, adding: “We see opportunities in developing joint projects in the energy and transportation sectors, which are of paramount importance in terms of regional energy security.”
Erdogan highlighted the positive impact of strengthening relations between the two countries on tourism, noting that they have attracted more than 500,000 visitors each, and added: “We hope to double this number in the coming period.”
The Egyptian-Turkish statement also noted the continued “significant potential for enhancing cooperation in areas including the automotive industry, infrastructure development, and tourism.”
It further stated that both countries agreed to cooperate on exploration and development activities in the hydrocarbons and mining sectors in Egypt, including through public institutions, and to exchange expertise in geological activities and modern mining technologies.
Egypt and Turkiye also signed memoranda of understanding in key areas, including cooperation in defense, investment, trade, and agriculture, as well as health, youth and sports, and social protection. They also established a national committee to promote and monitor Turkish investments in Egypt, with the aim of facilitating investment procedures.
The two countries agreed to strengthen cooperation in the electricity and renewable energy sectors within the framework of the MoU signed in September 2024. They also agreed to appoint national contact points to coordinate joint working groups in the fields of conventional energy, renewable energy, green hydrogen, and nuclear energy.
The Egyptian and Turkish presidents met in Cairo on Feb. 4 as part of a regional tour by Erdogan that included Saudi Arabia. This visit marks Erdogan's third trip to Egypt in the past two years.
Turkiye has been the largest importer from Egypt for the past three years, with industrial exports constituting the largest portion of Egypt’s exports to Turkiye, while petroleum exports make up no more than 12 percent of Egypt’s total exports to Turkiye.
