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Prospects For Trade In Services Under The Trade And Cooperation Agreement Between The European Union And The United Kingdom

Author

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  • Georgeta Ilie

Abstract

This paper analyses the immediate effects of the UK's exit from the EU, starting with 2020, on mutual trade in services. The statistical evolution of bilateral trade in services before and after Brexit, presented at the beginning of the paper, highlights the intensity and reciprocal dependence between the two partners in this field, as well as the need to identify regulatory terms in order to continue commercial relations under mutually beneficial conditions. Building on the main provisions applicable to bilateral trade in services of the EU-UK Trade and Cooperation Agreement which is in force since 2021, the research conducted focuses on capturing the positive as well as negative effects of the agreement on bilateral businesses in this sector, while highlighting the main challenge on medium term. In the last part of the paper, directions for the regulation of financial services transactions are presented, these being considered the most sensitive chapter of the negotiations regarding the continuation of post-Brexit EU-UK trade in services.

Suggested Citation

  • Georgeta Ilie, 2023. "Prospects For Trade In Services Under The Trade And Cooperation Agreement Between The European Union And The United Kingdom," Euroinfo, Institute for World Economy, Romanian Academy, vol. 7(1), pages 16-31, March.
    • Handle: RePEc:iem:eurinf:v:7:y:2023:i:1:p:16-31
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    File URL: https://www.iem.ro/rem/index.php/euroinfo/article/view/855/939
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    More about this item

    Keywords

    Brexit; EU; United Kingdom; trade in services; Trade and Cooperation Agreement; financial services;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • L84 - Industrial Organization - - Industry Studies: Services - - - Personal, Professional, and Business Services
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy

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