The U.K. government’s decision to officially forgo extending its membership in the EU single market beyond Dec. 31 has increased the probability of no-deal Brexit on Jan. 1, but a limited trade agreement remains possible given Brussels and London’s mutual desire to avoid further economic disruption in light of the COVID-19 crisis. On June 15, U.K. Prime Minister Boris Johnson held a virtual meeting with the presidents of the European Commission, the European Council and the European Parliament in an attempt to unblock EU-U.K. negotiations. According to an EU press release, Johnson confirmed that the United Kingdom will not seek to remain in the bloc’s single market in 2021. But during the meeting, he and EU leaders also agreed on the need to “intensify” talks and secure “new momentum” toward reaching a deal by increasing the frequency of trade negotiations from monthly to weekly. There are still significant obstacles, however, to...
