Time is running out for Brexit trade deal, UK minister says

Time is running out for Brexit trade deal, UK minister says
Britain’s environment secretary George Eustice says UK and EU talks on trade need to get a breakthrough this week. (AFP file photo)
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Updated 30 November 2020

Time is running out for Brexit trade deal, UK minister says

Time is running out for Brexit trade deal, UK minister says
  • Both sides are demanding concessions from the other on fishing, state aid and how to resolve any future disputes
  • George Eustice: We really are now running out of time

LONDON: Britain and the European Union are running out of time to clinch a Brexit trade deal but if good progress is made this week then the talks could be extended, Environment Secretary George Eustice said on Monday.
With just over four weeks left until the United Kingdom finally exits the EU’s orbit on Dec. 31, both sides are demanding concessions from the other on fishing, state aid and how to resolve any future disputes.
“We really are now running out of time, this is the crucial week, we need to get a breakthrough,” Eustice told Sky.
“I really do think we are now in to the final week or 10 days, of course if great progress were made this week and you’re nearly there it’s always possible to extend those negotiations,” he said.
Britain formally left the EU on Jan. 31 but has been in a transition period since then under which rules on trade, travel and business remain unchanged. From the start of 2021 it will be treated by Brussels as a third country.
Talks between EU chief negotiator Michel Barnier and British chief negotiator David Frost continued through Sunday. British Foreign Secretary Dominic Raab said it was a very significant week for Brexit.
“David Frost had made clear that we’re continuing the negotiations because we still think there is a prospect that we can get an agreement and while there is we should persevere with those,” Eustice said.


PIF to help KSA become a global renewable energy leader, says minister

Minister of Investment Khalid Al-Falih. (Argaam)
Minister of Investment Khalid Al-Falih. (Argaam)
Updated 3 min 17 sec ago

PIF to help KSA become a global renewable energy leader, says minister

Minister of Investment Khalid Al-Falih. (Argaam)
  • The Public Investment Fund will act as a key investment driver, Al-Falih said

RIYADH: Saudi Arabia aims to be a world leader in the field of renewable energy, Al Arabiya TV Channel reported, citing Minister of Investment Khalid Al-Falih.

The Public Investment Fund (PIF) will act as a key investment driver, Al-Falih added.

The global economy has begun to shift to other energy sources, the minister said, noting that the Kingdom made a strong push towards this transformation through its renewable energy strategy, as Minister of Energy Prince Abdulaziz bin Salman announced ambitious goals to produce 50 percent of renewable energy in the Kingdom.

Al-Falih also noted that the strategies and policies announced by the Kingdom aim to maintain its leadership in energy sector, as it was during the oil era, amid transitioning to global leadership beyond oil amid the current global transformation.

According to data compiled by Argaam, the PIF’s board of directors, chaired by Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, Mohammed Bin Salman, approved the fund’s strategy for the next five years to 2025.