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The the Post-Brexit Trade Expansion

A Pro-European Union protester holds Union and European flags in Trafalgar Square during a rally in central London on Sept. 13, 2017, to warn about the terms of Brexit, by EU nationals in Britain and U.K. nationals in Europe. (Photo: DANIEL LEAL-OLIVAS, AFP/Getty Images)

Fears of economic collapse following the re-election of a pro-Brexit government in the United Kingdom followed many years of Post-Brexit economic predictions that were tested when the British left the European Union in early 2020. While the United Kingdom fared quite well on its own economically before becoming part of the greater European project, the connections to economies on the Continent always existed, alongside the unique and individualistic view the British had of themselves as being culturally distinct from their European cousins.

During the United Kingdom’s time as part of the European Union, they maintained not only measures to ensure their economic individuality by keeping the Pound, but were still quite distinct from the rest of Europe economically and culturally. Before their entrance into the EU as well as during their time within the EU, Britain had close economic ties with Europe because French, German, Italian and other European businesses and consumers wanted to trade with the UK, and the British wanted many products from the rest of Europe. While there might be a disruption in trade while the red tape gets untangled, the historic individuality of the British comes with their motivation for trade with their closest neighbours and allies.

Much of British trade may expand further by looking back into its cultural past and re-acknowledging their close ties with Commonwealth economies, many of which are quite successful but do not belong to a large trading block like the EU. With ties to BRICS members India and South Africa, the UK has close links to some of the most expansive economies in the world. Cultural ties with Australia, New Zealand, Singapore and Canada may amplify a post-EU Britain with closer trade ties and there are already moves being made to tie the British economy with their American allies. It is also doubtful that EU based businesses would shun make profit by dealing with companies in the UK even if the separation of the UK from the EU left a rift in Brussels. Future negotiations on trade agreements with the EU may keep strong economic ties with Britain while leaving the cultural, political and legal ties to the EU separate from British society. In the long run, it is doubtful that Britain will be a bad investment in the post-Brexit era.

 

Author

Richard Basas
Richard Basas

Richard Basas, a Canadian Masters Level Law student educated in Spain, England, and Canada (U of London MA 2003 LL.M., 2007), has worked researching for CSIS and as a Reporter for the Latin America Advisor. He went on to study his MA in Latin American Political Economy in London with the University of London and LSE. Subsequently, Rich followed his career into Law focusing mostly on International Commerce and EU-Americas issues. He has worked for many commercial and legal organisations as well as within the Refugee Protection Community in Toronto, Canada, representing detained non-status indivduals residing in Canada. Rich will go on to study his PhD in International Law.

Areas of Focus:
Law; Economics and Commerce; Americas; Europe; Refugees; Immigration

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