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The Cost Of Trade Between Britain And The European Union Will Be High
The cost of trade between Britain and the European Union will be high, although both parties will be able to reach an agreement by the end of this year.
Yazar: Tom Roberts
Yayınlanma: 23 Ekim 2020 22:27
Güncellenme: 20 Aralık 2024 23:28
The Cost Of Trade Between Britain And The European Union Will Be High
Analysts at Germany's Deutsche Bank estimate that the cost of trade between Britain and the European Union will be high, although both parties will be able to reach an agreement by the end of this year. The reason will be the so-called non-tariff barriers. "Customs account for only a small part of the cost of direct trade after the UK leaves the EU," analysts said in a note. "The expansion of non-tariff barriers will be more important. They will affect trade regardless of whether the UK and the EU trade on preferential terms or not," they said. Deutsche Bank expects Britain to agree with the European bloc in the coming weeks on a Canadian-style trade agreement known as the Free Trade Agreement (FTA). However, even such an agreement will cover the gross domestic product of Britain by 0.6% and the EU by 0.2%. Within the Union, the costs of Brexit will hit Malta, Luxembourg and Ireland the hardest, while "all four major eurozone economies (Germany, France, Italy and Spain) will face below-average costs," analysts said. They also noted that in any other year, the Brexit trade shock is likely to result in an annual decline in GDP on both sides of the English Channel. But in the wake of the new coronavirus pandemic, which has brought the world's economies to its knees, they now expect the UK and EU economies to grow next year, with or without a trade agreement, as they will recover from the recession caused by the pandemic.İLGİLİ HABERLER
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