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The European Union’s trade talks with the UK will be complicated and there is not much time to strike a deal, European Union’s Chief Negotiator Barnier noted on Wednesday. 

“Modern trade deals are about ensuring high standards for social and labour fields,” Barnier explained. “There should be no problem for the UK to agree on the ground rules.”

There isn’t a single template for the EU’s trade deals and the EU is ready to offer the UK a “super preferential” access to the EU markets, Barnier said but added that the EU cannot give the market access to the UK without strong fair competition guarantees.

GBP reaction

The GBP/USD pair largely ignored these comments and was last seen trading at 1.2935, down 0.53% on a daily basis.