29.09.202010:32 Forex Analysis & Reviews: Controversial Northern Island clauses to remain on Brexit deal

The United Kingdom is set to impose its controversial internal markets bill, which rejects the border between Northern Ireland and the Republic.

However, Vice President of the European Commission Maros Sefcovic repeated the EU's request to remove the clause by the end of September, saying that the EU is "not shy" in using "legal remedies" written in the withdrawal agreement to address any "violations."

Meanwhile, UK Cabinet Minister Michael Gove said that the bill would remain on the agreement, but added that the UK would like to reach a consensus regarding the future relationship of the UK with the EU.

"There are those in the European Union who are concerned about the provisions of the draft law on the internal market. Today, I emphasize that these provisions are a safety net," Gove said. "We want to reach an agreement, we want to make sure Northern Ireland's position in the UK is secure, we want the withdrawal agreement to be fully implemented. These points are in the law, supported by the House of Commons, and these points will remain in this bill," he added.

Official negotiations will resume on Tuesday.

The UK government previously stated that it will "honor its treaty obligations in good faith," but added that "it is important to remember the fundamental principle of parliamentary sovereignty."

The Brexit transition period ends on December 31. However, the UK and the EU have yet to agree on a deal that will regulate their future trade.

If the parties fail to come to an agreement by the end of the year, the UK will trade with the EU under the rules of the World Trade Organization (WTO).

This means that tariffs on UK goods will be WTO compliant, making them more expensive and more difficult to sell in Europe.

Accordingly, the UK can also apply tariffs on goods from the EU.