United Kingdom Prime Minister Boris Johnson MP today confirmed that the UK and the EU had concluded a post-Brexit trade deal.
While the Isle of Man was never a member of the European Union, it did enjoy a number of benefits through the UK’s membership.
Chief Minister Howard Quayle MHK today said:
‘I welcome news from the UK Government that it has concluded a trade deal with the European Union. I am able to confirm that this paves the way for an Isle of Man deal that is good for the Island’s people and economy.’
The Isle of Man Government has been working closely with colleagues in the UK Government, since the UK’s referendum in 2016, to ensure that the Island retained its ability to sell goods – manufactured and agricultural – into the EU Market without tariffs or quotas.
The Chief Minister has confirmed what this deal means for the Isle of Man. He said:
‘I am delighted that we have the opportunity for tariff and quota-free trade with the EU market. This will protect our exports of agricultural and manufactured goods. It provides opportunities for our businesses, and gives certainty for the future.’
As well as protecting exports, the deal announced today should prevent an increase in prices for imported goods.
The Chief Minister said:
‘While we, of course, have wonderful food and drink produced on the Island, we do still import a lot of products. This deal should ensure that shoppers do not see price hikes on a wide range of imported goods. This is important for families on the Island, and our wider economy.’
As part of the deal to secure the Free Trade Agreement, the Isle of Man has agreed that a limited amount of fishing by European boats can continue.
The Chief Minister explained:
‘Any negotiation involves give and take. In order to secure a future free trade agreement, we were ready to allow fishing to continue in our territorial waters subject to some important principles.
‘We have secured guarantees that it will not exceed levels that we are used to, from vessels that have a proven track record.
‘New local management arrangements give the Isle of Man control of our waters and put at its heart sustainability of stocks while protecting our local industry.’
The Chief Minister will make a statement on the post-Brexit deal during the extraordinary sitting of Tynwald on Wednesday 30 December.