UK ministers confident post-Brexit trade friction will be eased by deal
UK Government ministers have expressed confidence that post-Brexit trade friction between Northern Ireland and Great Britain will be eased by a deal with the EU.
The movement of trade was one of the main discussions at the first meeting of the East-West Council to take place in Northern Ireland on Thursday, which was also attended by members of Intertrade UK.
Earlier this month the UK Government said border checks on fruit and vegetables imported from the EU will be scrapped, to ease trade, ahead of its new sanitary and phytosanitary (SPS) deal with the EU.
Secretary of State Hilary Benn, Northern Ireland Office minister Fleur Anderson and Chancellor of the Duchy of Lancaster Pat McFadden held discussions with First Minister Michelle O'Neill and deputy First Minister Emma Little-Pengelly at the Custom House in Belfast on Thursday.
Speaking after the meeting, Mr McFadden said the main topics were ensuring smooth trade between Great Britain and Northern Ireland, and the new Connect Fund to support community groups.
He said he believed the recent agreement between the UK and EU will 'go a long way' to reducing friction and restoring the free flow of trade.
Mr Benn also expressed confidence the flow of trade will be smoothed.
'It comes after a very busy period with the negotiation of the new relationship with the European Union, and one of the issues we discussed was the beneficial impact an SPS deal will have on the flow of the agrifood and plant products from GB to Northern Ireland,' he said.
He added: 'The new Government was elected in July, we came in and said we want to build a closer, better relationship with the EU and you saw the result of that in the agreement that was reached at the summit a few weeks ago.
'And for Northern Ireland the single most important part of that agreement was to work together to get an SPS agreement in place because that would deal with a lot of the things that people are having to cope with at the moment in respect of agri food products and plants moving from Great Britain to Northern Ireland.
'I hope that will give businesses real hope for the future, and we want to get on and put that new SPS scheme in place as quickly as possible.'
Meanwhile Ms Anderson announced the Connect Fund, which will provide awards from a funding pot of up to £1 million to support groups working in sectors which directly affect Northern Ireland communities.
It will be open to groups seeking to strengthening east-west connections, with bids are invited for between £300 and £50,000.
Ms Anderson said it will 'support better connections between community groups and individuals of all ages between Northern Ireland and Great Britain'.'I ran a community centre before I was an MP and so I know the value that this funding will bring,' she said.
'I urge local community and voluntary groups in Northern Ireland to apply to take part in this great opportunity, and look forward to the positive changes which this fund will bring to communities in the coming years.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fox News
40 minutes ago
- Fox News
Business Rundown: Apple Facing 'Stringent Regulations' Abroad
iPhone maker Apple found itself in the crosshairs of the EU's antitrust regulators this week. Now the company faces an ultimatum: comply with their rules for Big Tech or face serious fines. FOX Business co-anchor of The Big Money Show Taylor Riggs speaks with Senior Tech Fellow at the Center for European Policy Analysis, Enrique, about the business conditions for big American tech companies in Europe, Apple's choices moving forward, and how the EU's stringent regulations have stifled innovation. Photo Credit: AP Learn more about your ad choices. Visit
Miami Herald
an hour ago
- Miami Herald
Hopes Of Lower Tariffs Against European Cars Are Fading Fast
One of the biggest promises of President Donald J. Trump's electoral race was to impose tariffs on foreign imports, and shortly after he was inaugurated for the second time, "tariffs" quickly became one of the buzzwords of his presidency. When it comes to cars, just about anything produced outside of American borders is going to get a lot more expensive, and due to vastly complex international supply chains, even domestically produced products could be impacted. But there was a glimmer of hope that the president would change - or at least soften - his stance against America's allies in Europe. European Union leaders had publicly expressed this expectation, citing a history of cooperation. However, as the July 9 deadline for tariffs to be further increased approaches, hope is fading, reports Reuters. The publication spoke to an anonymous official who reportedly noted that hopes of relief are fading faster now that tariffs have come into effect: "10% is a sticky issue. We are pressing them, but now they are getting revenues." A second source reportedly said the EU still would not accept the baseline rate but acknowledged that it would be difficult to change or abolish the measure. The European Union has also publicly declared that it would not accept double-digit tariffs as the United Kingdom has, but U.S. Commerce Secretary Howard Lutnick has ruled out the idea of any tariffs being lowered under the 10 percent baseline. What makes this worse is that the tariffs don't only apply to finished products; steel and aluminum from Europe face a 50 percent tariff, and that doesn't even include the standalone 25 percent tariff on foreign cars. The good news is that Europe, with a trade surplus of $236 billion with the U.S., needs to continue doing business with the largest economy in the world, so your local BMW dealer isn't closing up shop anytime soon. An EU official is quoted by Reuters as saying that the 10% baseline rate would "not massively erode competitive positions, especially if others receive the same treatment." And although hope of a compromise is fading, it hasn't been extinguished just yet. As noted by CarScoops, European Commission President Ursula von der Leyen has confirmed that negotiations are still underway, despite President Trump's assertion earlier this week that the EU hadn't been fair thus far. "We're talking, but I don't feel that they're offering a fair deal yet," said President Trump. "They're either going to make a good deal or they'll just pay whatever we say they have to pay." Von der Leyen said, "It's complex, but we are advancing - that is good - and I push hard to pick up more speed. So we are mixed in the negotiations, and we will see what the end brings." The United States government is adamant that its long-standing partners are benefitting more from the status quo than America is, and that mindset means that any price increases as a result of tariffs on EU imports will likely not be small. That said, automakers are working to find ways of absorbing as much of the financial strain as possible, and one way of doing that is by pushing sales of existing inventory with incentives and employee pricing offers. Related: Mercedes CEO Has a Trump Tariff Deal That Could Reshape US-EU Auto Trade Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Bloomberg
2 hours ago
- Bloomberg
Stock Movers: Coinbase, Circle, Enphase Energy
On this episode of Stock Movers: - Coinbase (COIN) rallied 27% this week, becoming the biggest weekly gainer in the S&P. Coinbase secured its Markets in Crypto Assets license from the Luxembourg Commission de Surveillance du Secteur Financier, enabling the company to offer a full suite of crypto products to all 27 EU member states. The company also introduced Coinbase payments for commerce platforms, the first full-stack stablecoin payment solution built for commerce platforms at scale. - Circle (CRCL) shares jumped 20% on Friday after Seaport Global gave the stablecoin issuer its first buy rating in the wake of the US Senate's move this week to pass legislation setting up regulatory rules for cryptocurrencies pegged to the dollar. The company behind USDC, the second-largest stablecoin by market share, has seen its shares rise more than 600% since they started trading earlier this month. Optimism around stablecoin regulations has driven the strength. Seaport analyst Jeff Cantwell sees the global stablecoin market having the potential to reach $2 trillion at some point, from about $260 billion now. That would translate into annual revenue growth of 25%-30% for Circle, he wrote in a note to clients Friday. - Solar stocks like Enphase Energy (ENPH) and First Solar (FSLR) declined this week. Earlier in the week, Senate Republicans released a bill that would end tax credits for wind and solar earlier than for other sources, prompting downgrades for the sector at KeyBanc. The new version of the bill would end incentives for wind and solar in 2028, though tax breaks for other sources of power including nuclear, hydropower and geothermal would be allowed to remain until being phased out in 2036.
