The European Union (EU) and Britain must urgently seal a free-trade trade deal because failure would cost Europe’s automotive industry about €110 billion ($130 billion) in lost trade over five years and jeopardize jobs in a crucial economic sector, according to leaders of the European automotive industry.
The EU and Britain have 15 weeks before a Brexit transition period expires in their talks to nail down trading and political arrangements. Britain officially left the EU on January 31 without agreeing detailed terms. Unless an agreement is settled before the end of the year, Britain will have to deal with the EU on World Trade Organization (WTO) tariffs, not its current free-trade deal.
A statement Monday from the European Automobile Manufacturers Association, known