The EU said it wishes to establish an ambitious, wide-ranging and balanced economic partnership with the UK, but the two sides need to iron out many details, Xinhua news agency reported.

 

What exactly London wants in its future relations with Brussels remains to be clearly seen. There are talks in London about a so-called Canada-style trade agreement with zero tariffs. But EU chief negotiator Michel Barnier warned on Tuesday that "The UK will be the EU's third largest trading partner, almost 10 times bigger than Canada. At the same time Canada is some 5,000 km away. It's clear that the rules cannot be the same."

 

At the heart of the tough negotiations ahead is how closely the UK would like to align itself with the world's largest trading bloc.