(MENAFN - The Conversation) The hard work now begins for the United Kingdom to shape an independent trade policy outside of the European Union. Brexit has finally happened after more than three years of negotiations, posturing, parliamentary shenanigans, two elections and considerable policy uncertainty.
As the New York Times reports, the U.K. faces complex and arduous negotiations trying to maintain its privileged access to 450 million European consumers with zero tariffs or other trade restrictions.
It''s crucial for the U.K. to negotiate and sign some sort of trade agreement with the EU as soon as possible because the transitional period ends on Dec. 31, 2020. After that date if there are no deals, the British will lose their preferential access to that important market. This will significantly disrupt trade flows and supply chains that are vital to the U.K. economy.
コメント