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Financial News: UK To Trigger Article 50 On March 29

UK To Trigger Article 50 On March 29

03/20/2017 - 10:22:00 (RTTNews)

(RTTNews) - British Prime Minister Theresa May will invoke the Article 50 of the Lisbon Treaty next Wednesday, March 29, thus formally beginning the process of exiting the European Union and paving the way for talks on trade and future relations, which should conclude in two years.

UK's Ambassador to the EU Tim Barrow informed European Council President Donald Tusk of the government's intention to trigger Article 50 earlier on Monday, Brexit Secretary David Davis said in a statement.

"This meets the UK's longstanding commitment to trigger Article 50 by the end of March 2017," Davis said.

"We are on the threshold of the most important negotiation for this country for a generation."

The UK government is seeking "a deal that works for every nation and region of the UK and indeed for all of Europe - a new, positive partnership between the UK and our friends and allies in the European Union," Davis added.

Responding to the announcement, Tusk said he will present the draft Brexit guidelines to the EU27 member states within 48 hours of the UK triggering Article 50.

Negotiations on a wide range of topics from the single market access and trade deals to migration and citizen rights should conclude in two years.

In the referendum held on June 23 last year, 52 percent of Britons voted to leave the EU in a historic and surprise move.

May is expected to notify the EU of triggering the Article 50 in a letter.

The move comes at a time when the EU is celebrating the 60th anniversary of the Treaties of Rome, which led to the establishment of the European Economic Community in 1957.

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