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Negotiating the UK's Post-Brexit Trade Arrangements

Author

Listed:
  • Peter Holmes
  • Jim Rollo
  • L. Alan Winters

Abstract

This paper considers the agenda for UK trade negotiations over the post-Brexit period. There are several groups of countries that will need to be dealt with and we consider the priorities among them. Negotiations with the WTO and the EU are the most important and the most pressing in time, and should be pursued simultaneously. On the former, the UK must try quickly to establish its independent WTO status, which will be greatly facilitated by minimising the changes it proposes to its tariffs schedules. On the EU the UK needs to consider the choices between remaining in the customs union, creating an FTA with the EU and maintaining the ‘regulatory union’ that is the European Economic Area (EEA). Only when relations with the EU and WTO are clear will it be feasible to negotiate trade deals of various sorts with other countries, ranging from those with which we already have deals via the EU to those that currently trade with us on ‘WTO rules’. All of this takes time and we argue that it may be worth pursuing transitional arrangements to extend certain current trading arrangements a few years beyond Brexit in order to make time for serious negotiations.

Suggested Citation

  • Peter Holmes & Jim Rollo & L. Alan Winters, 2016. "Negotiating the UK's Post-Brexit Trade Arrangements," National Institute Economic Review, National Institute of Economic and Social Research, vol. 238(1), pages 22-30, November.
    • Handle: RePEc:sae:niesru:v:238:y:2016:i:1:p:r22-r30
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    Cited by:

    1. Sieglinde Gstöhl & Christian Frommelt, 2017. "Back to the Future? Lessons of Differentiated Integration from the EFTA Countries for the UK’s Future Relations with the EU," Social Sciences, MDPI, vol. 6(4), pages 1-17, October.
    2. Paula K Lorgelly, 2018. "The Impact of Brexit on Pharmaceuticals and HTA," PharmacoEconomics - Open, Springer, vol. 2(2), pages 87-91, June.
    3. Kamil Kotlinski, 2018. "The economic consequences of leaving European Union by Great Britain," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 17(2), pages 157-167, June.
    4. Collie, David R., 2017. "A Simple Model of Brexit under Oligopoly," Cardiff Economics Working Papers E2017/17, Cardiff University, Cardiff Business School, Economics Section.

    More about this item

    Keywords

    Brexit; WTO; trade policy; economic integration;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration

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