Towards Brexit: The Trade Implications
March 27, 2017
The UK government intends to trigger Article 50 TEU by the end of March.
This effectively means that the UK will exit the EU by March 2019, unless there is an extension.
In a speech delivered on January 17, Prime Minister May explained that the UK would not seek to be part of the EU’s customs union, but would be looking to establish a “comprehensive” trade agreement with the EU. In tandem, she noted that the UK would no longer accept the jurisdiction of the European Court of Justice.
This memorandum highlights the main implications of these developments on EU–UK trade relations and endeavors to answer the following questions:
- How will a post-Brexit future relationship be achieved?
- What will the scope of the Exit Agreement and Trade Agreement include?
- What are the key procedural issues in a potential UK–EU Trade Agreement?
- What are the potential effects of Brexit on core trade matters?