European Commission president Ursula von der Leyen has said that the EU is ready to pursue an unprecedented trade deal with the UK, but insisted that there must be a “level playing field” on regulations and common standards.
UK prime minister Boris Johnson has previously said that there is “no need” for the UK to sign up to EU rules to secure a trade deal.
Von der Leyen told the European Parliament: "We will enter these negotiations with the highest ambition because good old friends like the UK and us shouldn't settle for less.”
She added that a unique “zero-tariff, zero quota trade relation for all goods” was the aim of the negotiations, but that fair competition and the upholding of social, environmental and consumer standards would be required to make such a deal possible.
Johnson has stated that he would prefer to pursue a free-trade agreement in a similar vein to the existing EU-Canada or EU-Australia agreements, but added that he was willing to default to World Trade Organisation terms if negotiations fail.
Notably, in the EU’s trade deal with Canada, agreeing to a level playing field was not a requirement, but the bloc insists that the UK’s “geographic proximity and economic interdependence with the EU27” makes it necessary in this case.
Von der Leyen also explained that the bloc would be seeking to end its existing trade arrangements with Australia, meaning that striking a similar deal with the UK will not be on the agenda.
She said: "We are just in the moment of agreeing with Australia that we must end this situation.”
