BREXIT and Customs/Trade Law

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BREXIT and Trade Law

BREXIT is the shorthand reference to Britan’s exit from the European Union, which was embarked on as the result of the British referendum on the issue in early 2017. Implementation of BREXIT is a difficult task for Britan to undertake for numerous reasons. We provide further basic information and news on this subject, particularly as regard the trade impacts.

Curated news on BREXIT:

March 14, 2019: Brexit: NYT article: UK situation uncertain.

February 21, 2019: BBC: Endgame for Brexit

February 20, 2019: Fortune: Brexit tearing UK political parties apart.

January 24, 2019: UK announces a Trade Remedies Authority (TRA) will be ready if the UK exits the European Union on March 29, 2019.

January 23, 2019: Lack of clear path pushing UK into chaos.

November 20, 2018: EU/UK: Potential Brexit agreement (Full version 585 pages)(BBC Summary). More problems ahead: (Blair interview)(MP reactions). May puts technological model (third way) back on the table.

October 16, 2018: USTR: Notification to Congress re: intent to negotiate U.S. - Japan Free Trade Agreement. Similar notifications were also issued as to Europe and the UK.

June 8, 2018: A “Third-way”, “channels”proposal floated to deal with the border with Ireland.

April 24, 2018: EU rejects UK Customs proposals.

April 16, 2018: House of Lords: Amendment to negotiate a new comprehensive U.K.-EU customs union.

March 23, 2018: EU: Guidelines on BREXIT process.

August 2017: UK: Post-BREXIT Customs “A Future Partnership Paper”.

BREXIT Basics:

BREXIT holds the potential for enormous disruption in trade. The European Community provides for a free trade area between member countries, and many of the UK’s top trading partners (for both imports and exports) are other EU member countries (such as Germany, Switzerland, France, the Netherlands, Ireland, Belgium, Spain, and Italy). UK’s departure from the EU therefore means that many customs issues will need to be resolved - not only between the UK and the EU, but also across the land border that UK shares with Ireland. Internationally, the UK might potentially exit from the 36 free trade agreements negotiated by the EU. It remains to be seen whether those FTAs might be extended, renegotiated, or replaced. In the interim, the United States has expressed the desire to negotiate separate FTAs with the UK and EU.