UK and EU agree to economic partnership but the deal stops short of Theresa May’s ‘frictionless trade’ aim

THE UK and EU have committed to develop an “ambitious, wide-ranging and balanced economic partnership” — but critically the Political Declaration never mentions Mrs May’s objective of achieving “frictionless trade” in a new deal.

Instead the EU notes that a “spectrum” of different outcomes are possible, opening the door to a Canada-style agreement or something closer to the Chequers concept.

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The document makes clear that increased market access will require Britain to accept closer harmonisation with EU rules — raising fears about the European Court of Justice having a greater future influence.

The EU does note that a new trade agreement “should” let the UK develop its own independent policy — leaving open possible arrangements with the US, Australia and others.

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