UK Trade Minister – Reuters

LONDON – According to reports, early next year may be the most opportune time for Britain to initiate formal divorce negotiations with the European Union, allowing for a deal to be reached before the next national election in 2020, as stated by international trade minister Liam Fox.

Fox indicated that London is likely to pursue a free-trade agreement with the EU instead of a closer customs union, which he believes could limit the country’s ability to negotiate lower tariffs with other trading partners.

New Prime Minister Theresa May has emphasized that Britain will not activate Article 50 of the EU’s Lisbon Treaty this year, as the government requires additional time to prepare for the negotiations.

In an interview, Fox mentioned that the timing for triggering Article 50 is still under discussion by the new government, but early next year seems favorable to establish Britain’s new relationship with the EU ahead of the upcoming general election.