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The EU is ready to offer the UK a “highly ambitious” trade deal of zero tariffs and zero quotas on all goods, European Union’s Chief Brexit Negotiator, Michel Barnier, said on Monday while presenting the post-Brexit draft negotiation mandate.

Key quotes

“UK will no longer be able to benefit from econ advantages and rights of EU membership.”

“We are also looking to cover digital trade, intellectual property and procurement market deals.”

“Competition is normal, but the draft mandate makes clear that offer is conditional on open and fair competition.”

“We must agree on specific and effective guarantees to ensure level playing field over the long term.”

“Free trade agreement must include a deal on fisheries. It must include reciprocal access to waters.”

“Rules of origin and customs formalities will apply between the EU and UK.”

“UK goods entering the EU will be subject to regulatory checks.”

“Businesses must adopt now to this new reality.”

“The more we have common standards, the higher quality access the EU will offer to its market.”

GBP/USD reaction

The British pound remains under selling pressure following these comments and the GBP/USD pair was last seen trading at 1.3070, erasing nearly 1% on a daily basis.