The Impact of Brexit on UK Trade Deals
The presenter in the Trade Talks presents the issues of Brexit and free trade, and its impact on the economic performance of the UK. According to Professor Michael Gasiorek, the exit of the UK from the EU will bring different effects. First, the UK will lose control of the single market, which allows member countries to sell freely. Second, high tariffs, fines, or a complete ban could be imposed on them. On the contrary, Brexit will give the UK the opportunity to trade directly with other countries without regulation by the EU. The UK will increase its trade partners due to increased access to the international market. Therefore, the Brexit will prevent the UK from trading with other countries I the EU while at the same time giving it the freedom to engage in free trade.
Looking critically at the Brexit, it will be difficult for the UK to enter into trade agreements with other countries. First, the UK will be liable to breach of contractual agreement with the EU. Even after getting out of the EU, the UK will still be bound by some of the agreements. The UK will further be restricted from carrying out trade with other EU members. In order to be allowed to trade with the member countries, it will have to bear with high trade tariffs. Besides, carrying out trade with EU member countries will be hard since the countries will view the UK as unreliable. However, the UK will still enjoy some advantages of being a free trade partner with other countries such as South Korea and Canada. Free trade is insignificant since the EU controls most of the trade. In conclusion, Brexit does not favor the UK.