Britain Seeks European Union Trade Deal, Pact With China

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British Finance Minister Philip Hammond said Saturday it is likely Britain will want to negotiate a bespoke arrangement for a future trade deal with the European Union, rather than copying existing arrangements like the Canada-EU deal.

The European Union agreed Friday to move Brexit talks onto trade and a transition pact, but some leaders cautioned that the final year of divorce negotiations before Britain’s exit could be fraught with peril.

Summit chairman Donald Tusk said the world’s biggest trading bloc would begin “exploratory contacts” with Britain on what London wants in a future trade relationship, as well as starting discussion on the immediate post-Brexit transition.