Finland Times

Hakamies made the proposal when addressing a seminar reviewing Britain's future relationship with the EU.

According to the proposal put forward by Hakamies, EU could give the "economic companion" status to its surrounding countries, while its member states are the core.

"The EU and these 'companion countries' would together form the world's largest common market area," he said.

Hakamies believed such a cooperative model could become a realistic alternative not only for Britain, but also for some other countries regarding their relationship with the EU. He did not recommend countries which should be selected by EU as "companion countries" except Britain.

To be admitted into the internal market of the EU, Hakamies said those countries would have to adopt EU legislations.

The "companion countries" should be offered an option of participating in the preparatory work for EU legislations, but they would not be given decision-making powers, he added.

Seeing the free movement of people has become a major concern for the British, Hakamies said:" Restriction of people's free movement could be applied, but labor force should be allowed to move in and out within certain conditions."

"Companion countries" should contribute to the budget of the EU as a compensation for the advantages they get from such a status, suggested Hakamies.

The Finnish industrial leader said the "Norwegian model" could hardly be applied to Britain-EU relations. Hakamies noted that Norway accepted free movement of people, while it has no say in making decisions.

Initially after the Brexit vote, the Norwegian solution was seen in media commentaries as an option for Britain.

Commenting on the proposal of Hakamies, the Finnish Minister for Foreign Trade Kai Mykkanen, who was present at the seminar, said he would promote the thoughts in Brussels.