The United Kingdom's automotive sector wants a free trade accord with the European Union.
Britain's automotive industry committee Wednesday called on Brexit officials to strike an agreement by end of the year or it will incur 55 billion pounds ($74 billion) in tariffs by 2025 and undermine the UK's capacity to develop next-generation low carbon-emitting cars.
The UK's vehicle output might fall to fewer than 1 million units per year - compared with more than 1.3 million last year - if Brexit negotiators fail to reach a deal because tariffs would make major portions of Britain's business unviable, projections by the Society of Motor Manufacturers and Traders showed.
According to the society, the European automotive industry including the UK, has already shed nearly 90 billion pounds to the health crisis. It said it has repeatedly appealed to both British and EU officials to guarantee the industry isn't devastated further by WTO tariffs.
The automotive body said the accord needs to effectively deliver on several fronts - to keep Britain's car sector at par with the world market and boost its transition to zero-emission mobility and protect jobs.
British authorities said they would prohibit the sale of new petrol and diesel vehicles from 2030 as part of the government's "green revolution" to reduce pollution to net-zero by 2050.
Negotiations between the EU and UK have yet to reach closure, with just a few more weeks left until the end of the Brexit transition period Dec. 31. EU diplomats have been informed that an agreement is about to be reached but a risk of talks failing remains.
