February 21, 2018 / 12:25 PM / a year ago

Brexit transition should end when basis for new trade deal ready - British document

BRUSSELS, Feb 21 (Reuters) - The transition period after Britain leaves the European Union at midnight of March 29th, 2019, should last as long as it takes to prepare a new free trade agreement with the European Union, a British document showed on Wednesday.

The document, seen by Reuters, is entitled “Draft text for Discussion: implementation period” and comes as the EU and Britain are preparing the treaty on Britain’s withdrawal from the bloc and the post-Brexit transition.

“The UK believes the Period’s duration should be determined simply by how long it will take to prepare and implement the new processes and new systems that will underpin the future partnership,” the British document says.

“The UK agrees this points to a period of around two years, but wishes to discuss with the EU the assessment that supports its proposed end date,” it reads.

The EU wants the transition period to end on Dec 31, 2020.

Reporting by Alastair Macdonald, writing Jan Strupczewski, editing by Gabriela Baczynska

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