Trade Agreements No Deal Brexit

12 Oct

If there is no new free trade agreement satisfactory to both sides, it means that the UK will face tariffs and quotas imposed by the EU as a WTO member, and vice versa. From a UK perspective, this would have an impact on companies that depend on the sale of their products to the EU, since the EU would impose its tariffs and taxes on products imported into the UK – some of these duties are particularly high (e.g. B in the agricultural and automotive industry). In the event of a no-deal Brexit, the UK will no longer be a contracting party to EU trade agreements. For example, a no-deal scenario could mean that, to reduce its dependence on the EU market, Britain could also try to open up new markets for its fish through trade agreements with other countries.