If Brexit risks punishing economic growth in the European Union, it will have more than four times the impact for the United Kingdom, the European Commission estimated on Thursday (11 February).
Britain formally left the European Union on January 31, 2020, but a transition period, which ended on 31 December, reduced the impact, while the two camps agreed on their future relationship. “For the EU, on average, Britain’s exit from the EU on the terms of the Free Trade Agreement could cause a production loss of up to about 0.5 per cent of GDP by 2022, and around 2.25 points for the UK, “. European Union executive in its winter economic forecast.
Free exchange. A trade agreement was reached between London and Brussels on 24 December at the extremes, which include goods, services, investment, competition, subsidies, tax transparency, air and road transport, energy and environment, fisheries, data protection and security cooperation.
In relation to the trade of goods, the agreement lacks tariffs and quotas on all products that comply with the rules of origin. “Compared to the scenario envisaged based on WTO rules [l’Organisation mondiale du commerce]The Commission said, in the autumn forecast, the UK-EU Free Trade Agreement reduces this negative impact on average by one third for the EU and by about a quarter in the UK.
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