BBC talking business interview on EU-China deal


Aaron Heslehurst: Okay, here’s a question,
Parma Ham, Cava, Irish whiskey, you can get me? and Feta cheese, what do they all have
in common? And the answer is, they’ve all just got special status in a deal between
the EU and China. The agreement will protect the geographical origins of 100 of those products,
and the methods, but does it really matter if your cured ham comes from Parma? I don’t
know. We’ll find out. Bernardine Adkins is Partner and Head of EU Trade & Competition
at the law firm, Gowling, and joins us, and a familiar face, always good to see you. We
should have opened this, shouldn’t we, we could have had it!? So, just for the uninitiated,
is this about … so, 100 products, 100 European products, 100 Chinese products, so that’s
saying a Chinese company that makes ham in China can’t call it ‘Parma ham’, is that right? Bernardine Adkins: Correct, yes, but if it’s
derived from a particular area of China that has its own protection, is produced in a certain
way, it can get that protection for its Chinese product. Aaron: Right. And this has taken a long time
coming because I think in 2012 each side only had 10! Bernardine: That’s right. This is what people
need to appreciate, these trade agreements take years to build trust, years and years,
this hasn’t suddenly happened over-night. So we started with 10, but that was only after
a few years of negotiations, now we’re at 100, 4 years from now there’ll be an additional
175 added from each side, it takes a long time. Aaron: The UK’s hoping they can do it over-night
but we’ll talk about that in a second! Bernardine: I know. Aaron: But I am hearing, certainly some people
in Europe, from the European side of things, they say, for this agreement, it has to be
a company in China, with new laws in China, and especially stricter enforcement. That’s
always a problem, isn’t it? Bernardine: Yes, yes, historically it has
been but China is now really coming of age in terms of appreciating and understanding
the need and the power for intellectual protection for its own innovations, to give its own innovations
protection, so China is realising that it needs to become a worldwide citizen with its
own appropriate protections for intellectual property rights and innovation, absolutely. Aaron: And I’m just looking at these three
items in front of us but all together this is big business, isn’t it? Bernardine: Absolutely, and growing, and growing,
because, basically, you’ve got an emergent middle class in China now that want high quality
authentic Europe foods, there’s a huge appetite for these foods and they’re premium quality,
premium prices as well, so a great growth area for agri food. Aaron: And let me get this in, coming back
to the UK, and of course Brexit, we can’t avoid that, now, you say UK centric brands
need to examine their own brand portfolio? Bernardine: Absolutely. Aaron: What does that mean, why do they need
to do that? Bernardine: Right, so, I think at the moment
everyone’s just breathing this huge sigh of relief, we’ve just avoided another cliff-edge,
it’s just like, No, please, please’, everybody needs to stay focused. So, basically, you
produce a product, you have a brand attached to it, there’s a huge value in the brand but
you want your brand, if you’re UK centric, to be able to sell the product throughout
the whole of the EU, all 28 member states, but what can currently happen at the moment,
if, for example, a national trademark, Polish, for example, is confusing with a UK one and
then they, basically, say, ‘We want to elevate our trademark right to community right, to
cover the whole of the EU’, you could say, ‘Hey, I’ve got a conflicting UK trademark,
you can’t do that’, once we’re out of that system … Aaron: Ah, we lose that. Bernardine: … yeah, you lose that protection.
So if people have just been focusing on thinking, ‘We’ve got an easy ride here, we’ve got that
protection in place’, that protection is going, so people need to blow the dust off their
portfolios, double check what they’ve got there, and this is something my IP colleagues
are doing a lot for people, is check out what you’ve got, ‘Are you using it? Because if
you’re not using it in the EU, you will lose it over a number of years … Aaron: Wow! Bernardine: … so you need to start resurrecting
those rights if they’re laying dormant, start to make sure you’ve got yourself adequate
protections within the EU.’ Aaron: And let me just throw this in because,
as we were saying, seven years ago, 10 products, 100 products now on both sides and in a couple
of years they plan to have 175! I didn’t even know there was so much of this stuff that’s
designated like this! Bernardine: Yeah, absolutely it tastes good! Aaron: And a lot of Chinese stuff is coming
into Europe, we buy a lot of the Chinese stuff into Europe! Bernardine: That’s right, you know, the various
brands of tea, rice, bean paste, ginger, things that are very special to certain regions,
geographic origins, etc., that you could only produce because of that locality, that weather,
that earth, etc., etc., wine being an obvious example, for example. Aaron: Okay. Bernardine Adkins, it’s always
a pleasure! Do you like Feta cheese? Bernardine: Absolutely. Aaron: It’s yours! Bernardine: That’s very kind. Aaron: Thanks very much.

Parliamentary arithmetic ‘is terrible for Boris Johnson’: Market analyst


LIKE JACK DANIEL’S TO HARLEY DAVIDSON. MARIA: LET’S BRING IN MARKET ANALYST, SENIOR MARKET ANALYST, CRAIG, THANK YOU FOR BEING HERE.>>GOOD MORNING. MARIA: WHAT DO YOU EXPECT IN TERMS OF BREXIT SITUATION AND IMPACT ON MARKETS AN THE UK ECONOMY?>>WELL, WE ARE SHOWING POSITIVE IMPACT ON THE MARKETS, BUILDING OVER THE LAST WEEK EVER SINCE BORIS’ NORTHWEST OF ENGLAND A WEEK AGO, THE IDEA THAT WE WERE ON A PATHWAY TOWARDS POSSIBLE DEAL GOT PEOPLE EXCITED AND INTO THIS WEEK WHEN THE DEAL WAS ANNOUNCED. THE NEXT HURDLE, OF COURSE, PARLIAMENT R THEY GOING APPROVE THE DEAL, MY GUT SAYS NO. I FEEL LIKE THE EXTENSION, MOST LIKELY SCENARIO AT THIS POINT AN ELECTION AND THEN I THINK THE DEAL GETS THROUGH LATER ON THIS YEAR. MARIA: DO YOU THINK MARKETS TRADE DOWN ON MONDAY IF THEY GET A NO-VOTE TOMORROW? WILL THERE BE A MARKET REACTION?>>I THINK MAYBE WILL COME OFF A LITTLE BIT, WE ALREADY SAW IT COME OFF A LITTLE BIT YESTERDAY WHEN DUP CONCERNED THEY WOULDN’T BACK THE DEAL, MAYBE DIFFICULT IN PARLIAMENT, WE SAW THE POUND PULL OFF A LITTLE BIT, A WEEK OF SUBSTANTIAL GAINS, WE MAY PAUSE A LITTLE BIT BUT I DON’T THINK IT ALTERS THE LONGER-TERM, THE LONGER-TERM GOAL TO GET THE BREXIT DEAL OVER THE LINE, WE HAVE TO REMEMBER, AS WELL, THAT ESSENTIALLY ELECTIONS DO NOT GIVE DEAL, IF THEY DON’T GET A MAJORITY BETWEEN THEM, ALL OF A SUDDEN YOU HAVE A SITUATION WHERE THE OPPOSITION PARTIES COULD HAVE A MAJORITY, NEW COALITION AND ALL OF A SUDDEN BECOMES A POSSIBILITY BECAUSE THE REFERENDUM IMPACT AS WELL, THAT’S IN THE LONGER-TERM, WE ARE TALKING IN THE NEAR TERM YOU HAVE A LOT OF VOLATILITY AND KNEE-JERK REACTION, THAT’S EXACTLY WHAT THEY NEED.>>JAMES FREEMAN AT THE WALL STREET JOURNAL, OBVIOUSLY A LOT OF POSSIBILITIES YOU JUST WENT THROUGH SOME OF THEM, YOU’RE SORT OF BASE CASE IT SOUNDS LIKE YOU’RE EXPECTING A BREXIT DEAL, NOT THIS WEEKEND, BUT LATER IN THE YEAR AND I’M WONDERING WHAT — WHAT CHANGES IN THAT DEAL AS FAR AS BUSINESSES ARE CONCERNED TO GET IT OVER THE FINISH LINE, WHAT YOU SEE AS A MAJORITY BILL OR BREXIT?>>SO LIKE I SAID, IT’S THE PARLIAMENT ARITHMETIC THAT WORKS AGAINST BORIS AT THE MOMENT, HE CAME INTO THE JOB AFTER 2017 ELECTION, THEY WERE RELYING ON VOTES WHICH THEY LOST AS PART OF THIS DEAL. THERE WAS ABOUT 24, I THINK, EFFECTIVELY KICKED OUT FOR THE PARTY, VOTING AGAINST THE GOVERNMENT ONLY EXTENSION IN THE FIRST PLACE BUT THE ARITHMETIC IS TERRIBLE FOR BORIS JOHNSON, IF WE CAN IMPROVE NUMBERS IN THE ELECTION, SUDDENLY THE ABILITY TO GET THE DEAL THROUGH PARLIAMENT BECOMES MORE A LOT MORE REALISTIC. FROM A BUSINESS PERSPECTIVE, I THINK BUSINESSES AT THIS POINT ARE REALLY RELIEVED THAT THERE’S A DEAL ON THE TABLE AND A DEAL THAT THEY THINK COULD GET THE NUMBERS IN IDEAL SCENARIO, ONE THAT PROVIDES CERTAINTY AND ONE THAT INCLUDES DEAL FOR THE NEXT 2 YEARS RATHER THAN NO-DEAL BREXIT. I THINK BUSINESSES WILL BE VERY RELIEVED RIGHT NOW, OF COURSE, LIKE I SAY THIS TINNY TINNY POSSIBILITY OF NO-DEAL BREXIT, THEREFORE BUSINESSES ARE GOING TO BE BREATHING A BIG SIGH OF RELIEF. MARIA: CRAIG, ANY THINGS DRIVING MARKET THIS MORNING, WE HAVE A POTENTIAL OF CHINA DEAL, ARE THOSE THINGS DRIVING MARKETS AS WELL AND WHAT KIND OF SENTIMENT ARE YOU SEEING OUT THERE FROM INVESTORS?>>YEAH, IT’S HARD TO SEE OUTSIDE OF BREXIT WHEN — MARIA: OKAY.>>BUT OBVIOUSLY BIGGER THINGS HAPPENING IN THE WORLD, THE TRADE DEAL, SO, YEAH, MANY OTHER

How does the EU work? | CNBC Explains


You’ve heard of the European Union, but
what about the European Commission? Or the European Council? Or what about the European Parliament? Yes, the EU is a complex system. So complicated that even former U.S. Secretary
of State Henry Kissinger, reportedly once asked “Who do I call, if I want to call
Europe?” As the name suggests, the European Union
is a political and economic union of 28 European countries. The genesis of the EU can be traced to the
aftermath of the two world wars, which were responsible for millions of deaths and a devastated
European economy. In 1958, six founding countries, Belgium,
Germany, France, Italy, Luxembourg and the Netherlands, came together to form
the European Economic Community. The idea was that with increased economic
cooperation, they would be less likely to be drawn into a conflict. What started as a purely economic partnership
has evolved over the past 60 years into other policy areas too. These include climate,
security, and foreign relations. To represent this broader remit, the
European Economic Community became the European Union in 1993. So, how does the EU work? Well, one big thing to note is that there
is no single leader of the European Union. Instead, its responsibilities are spread across
seven institutions, but we’re going to focus on the three main ones:
The European Commission, the European Parliament and the
Council of the European Union. Let’s start with the European Commission. This is the engine room of the EU – the executive
body that proposes new laws. Every member state has its own commissioner
but they’re supposed to be politically independent, bound by a promise to represent the interests
of the EU before their home countries. Each commissioner is in charge of a specific
portfolio – similar to a government’s cabinet of ministers. This institution is based in the Belgian capital,
Brussels. Now, the European Parliament. It is based here in Brussels but also in the
French city of Strasbourg, where its members meet 12 times per year. This is
where lawmakers vote on laws. Presently, it has 751 Members of the European
Parliament, or MEPs, from 28 member states. However, with the U.K.’s departure from the EU,
that number is set to come down to 705. Importantly, this is the only European institution
that directly represents EU citizens. Every five years, citizens elect their representatives
to the European Parliament. Finally, let’s look at the Council of the
European Union. It’s made of ministers from the different
EU member states. Ministers with similar roles, whether it
be overseeing finance, education or defense, meet regularly to discuss, amend and adopt
laws. The Council of the European Union, together
with the European Parliament, are the main decision-making bodies of the EU. But don’t confuse the Council of the European
Union with the European Council. The leaders of the EU also meet in this building
for quarterly summits. Discussions here often happen at the highest
level, which is why you’ll see heads of state like the chancellor of Germany and president
of France meeting up in Brussels. Other important European bodies include the
European Court of Justice, the Court of Auditors and the European Central Bank. Based in Luxembourg, the ECJ ensures European
law is interpreted and applied in the same way across the EU. Kind of like the
U.S. Supreme Court. Also in Luxembourg is the Court of Auditors. It acts like the union’s CFO, responsible
for looking after the Community budget. And then there is the European Central Bank
in Frankfurt, which sets monetary policy in the eurozone. Yes, that’s right. The eurozone, not the EU. This is another important distinction. Currently, only 19 of the 28 EU member states
form the eurozone, while the remaining nine are still using their own national currencies. The EU is a complex political arrangement. Critics say it will not survive due to the
many differences of opinion between and within each country. And with tens of thousands of people across
dozens of nationalities working for the EU, its institutions have also been criticized
for its bureaucracies and complexities, saying it makes it hard to get things done. At the same time, this arrangement has lasted
more than 60 years and has so far achieved its main aim: avoiding war between the neighboring
countries.

No-Deal Brexit Explained In 60 Seconds


On 31st of October the UK is set to leave
the EU. This follows the result of a referendum, taken
in 2016 in which the British public voted to leave the European Union. 1In order to smoothen the transition of the
UK away from EU laws and regulations, withdrawal agreements were tabled by both the EU and
the UK, but these were repeatedly voted down in the
UK parliament. What this has led to is a stalemate, in which
the default withdrawal agreement is no withdrawal agreement, Meaning that unless a deal is struck, the
UK will crash out of the EU on the 31st of October, thereby abruptly stopping things
like freedom of movement, The UK’s divorce bill of back payments to
the EU, As well as creating a hard border in Northern
Ireland. Supporters of no deal laud the money benefits
of such an arrangement, arguing that it would bring billions of pounds back to the UK and
drastically speed up an already delayed Brexit Yet opponents argue that the economy would
suffer badly in the event of a no deal brexit, as well as the rights of EU citizens in the
UK being affected. That’s my short explanation of a no deal
brexit, thanks for watching and please like share and subscribe.

Irish PM says Brexit extension would be better than no deal


What’s been put on the table
by prime minister Johnson is not supported by business
in Northern Ireland, by civil society and is only
supported by one political party, so I think there’s a long way
to go before we can get back to the position where we
have an agreement that actually carries the support
of the people of Northern Ireland and the people of the
Republic of Ireland as well. Democracy matters and any
agreement that affects Ireland deeply, of course, has to have the support
of people on both parts of the island. As I’ve always said, Brexit doesn’t
end with the UK leaving, it just moves to the next phase
of negotiations. So my preference is that we have
that agreement at the council in the middle of October. But if the UK government were
to request an extension, I think we would consider that.
Of course we would consider it. But I think most of the EU countries
would really only consider it for a good reason and that reason
would have to be put forward. But certainly, an extension would
be better than no deal.

Michael Gove: The UK is ready for no-deal Brexit, despite challenges


Of course no deal will bring challenges I have been open about that today as I have
been in the past It’s not my preferred outcome nor the governments,
we want a good deal. But whatever challenges no deal may create
in the short term, and they are significant, these can and will be overcome. Far worse than the disruption of no deal would
be the damage to democracy caused by dishonouring the referendum result. 17.4 million people voted to leave many of them turning up to vote for the first
time in their lives. They voted to ensure the laws by which we
are governed as set by the politicians in this place whom they elect. They voted for a fairer migration system which
attracts the brightest and the best. They voted to end vast financial contributions
to the EU budget and instead invest in the people’s priorities Such as the NHS and our brave police service. That is what the British people voted for
and that is what this government will deliver and I commend this statement to the house.

Michel Barnier says a Brexit deal is ‘difficult but possible’


Same procedure as
every week. I will debrief
the Brexit steering group and this afternoon
in the plenary I will be on the side
of President Juncker. In any case,
the EU will remain calm, vigilant, respectful
respectful and constructive.
The technical talks continue,
and I am invited for a working lunch
with Steve Barclay tomorrow. That’s all, thank you very much.
– Is a deal still possible? I think a deal is possible,
and very difficult but possible.

How does the Benn Act prevent a No-Deal Brexit?


This is William Hague. I’m David Miliband. This is Brexit In 60 Seconds. The Benn Act is named after Hilary Benn, a backbench Labour Member of Parliament, who rallied a parliamentary majority to defeat the government and insists that if the government has not negotiated a deal with the
European Union on the three issues: of Northern Ireland, of citizens’ rights, and of financial contributions by the 19th of October, then the prime minister is required to write to the European Union requiring or requesting an extension of the Brexit negotiating process from the 31st of October for three months. So, it ensures, this apparently watertight
piece of legislation, that the government cannot lead the UK to crash out of the European
Union with no deal at all. What is the Benn Act and how does it prevent a no-deal Brexit? It is a law specially passed to force Boris Johnson to do what he doesn’t want to do, to write a letter on October 19th if he hasn’t made a deal with the EU, asking for a delay to Brexit. And it is very specific. It’s the actual letter, written out word for word, with every full stop. He can’t even put: “Why don’t you all get lost” in the middle of it. Because that would be unlawful.

What Could Happen After a No-Deal Brexit | WSJ


– [Saabira] When I buy
groceries here in England, I usually like to pick
up things like apples, peppers, cheese, and wine, but that’s now, before Brexit. If Britain were to crash out
of the EU without a deal, these products might be hard to find in my local supermarket,
so some economists say my grocery basket may look more like this. For the last few years,
government agencies and companies across the country have been
studying what might happen in case of a no-deal Brexit. – It’s better for all of
us if we can leave the EU with a withdrawal agreement in place. The government needs to be
prepared for every eventuality, the departments all working on the basis of a reasonable worst-case scenario. – The government has been doing a lot to try and prepare for a no-deal Brexit, but there is a limit to what the UK government
can do on its own. – According to government documents, Bank of England reports,
and other studies, buying groceries would
only be one of my problems. Studies warn we could
see home prices plummet by as much as 30%, medicine shortages, and a jump in inflation. First, let’s explain what a
no-deal Brexit actually is. In 2016, Britain voted to
leave the European Union. Hence, Brexit. Now, Prime Minister Boris
Johnson says he’s working to achieve what his predecessor,
Theresa May, couldn’t. (crowd jeering) – Nothing– – [Saabira] Strike an
exit deal with the EU that Parliament can get behind, too. If he can’t, well, Johnson said he’s pulling
the UK out anyway. – We’re leaving on the 31st
of October, no ifs or buts. – [Saabira] If that happens, Britain would leave the
European Union overnight with no transition period to
ease out of its membership. That would be a no-deal Brexit, and according to a government document known as Operation Yellowhammer, the consequences could be pretty dire. – Food shortages, crisis at the border, even the risk of rioting across the UK. – Food supplies and the economy as a whole could be hit, while government
spending could dry sharply. So let’s go back to those groceries. This pile is what we produce in the UK, and this is what we import.
(tense electronic music) In a no-deal scenario, these
fresh fruits and vegetables from other EU countries could go bad before they even reach the UK. That’s because thousands of shipments would have to go through
new customs checks which could cause traffic
jams and huge delays. William Bain of the
British Retail Consortium explains that the UK’s
particularly vulnerable to food shortages. Could you talk about how the UK stacks up against other countries,
like, say, the U.S., in terms of our dependence
on food imports, particularly from the EU? – So we’ve been a net
importer of foods, really, for the last few decades. I think consumer tastes are
not going to change too much and we’re still going to
want to have our sandwiches with some tomato in it in December as much as
we do in June or July. – [Saabira] For British exporters, a no-deal could also
mean tariffs on products like cheese and beef,
which, retailers say, could see levies of nearly 50%. So how can Britain keep
buying and selling goods across its borders? One answer could be
negotiate new trade deals. As of September 2019, the UK government said it signed 14 new trade deals. 25 others are still in the works, but replacing the EU bloc, which is by far the UK’s
main trading partner, won’t be easy.
(dramatic mallet percussion) – One of the difficulties
for knowing exactly what the impact of coming out of a
deep free trade agreement is is that countries haven’t
really done this in the past. There have been lots of
examples of countries trying to integrate
their trade more closely. There’s essentially no examples of countries moving in
the other direction. Perhaps the only example in the past was the breakup of the USSR. That was a single economic bloc that then broke up, but
really apart from that, there’s no past precedent to look back to. – [Saabira] The Bank of
England’s latest estimates say, in a worst-case scenario,
GDP could fall by 5.5%, unemployment could almost double to 7%, and inflation could peak at 5.25% Other reports disagree on precisely how much the economy
will be hurt by Brexit, but the vast majority of economists agree it wouldn’t be good for
the UK’s economic growth. Adding a no-deal into
the equation, even worse. So what is the government doing about it? – They currently have
about 17,000 civil servants working on this specifically,
and that is everything from trying to make sure that
there are systems in place at the borders, at the
ports, to ease the flow of lorries going through to France. – [Saabira] If the UK does
leave the EU without a deal, the UK government may have to borrow around $37 billion every year from fiscal ’21 onwards,
according to one estimate. Those who support a no-deal
say the investment is worth it because it will lay the
groundwork for a new, stronger UK, but those who oppose no-deal say there will be too much damage. – Even with those best mitigations, it doesn’t take away from the harm that’s gonna be caused to the
consumer by a no-deal Brexit. – Brexit opened up a huge amount of debate about the UK’s trading relationships, not only with the EU, but
with the rest of the world. – [Saabira] We’ll see what
happens on the Brexit deadline, but like many Brits, I
may want to stockpile some of this stuff just in
case I can’t get it anymore. (quietly tense mallet percussion music)