GENEVA: Britain could lose up to US$32 billion annually in exports to the European Union if it fails to strike a trade deal with the bloc, UN economists said on Tuesday.
“The losses would deal a major blow to the UK’s economy, as the EU market accounts for 46% of the UK’s exports,” said the study by the Geneva-based agency.The most affected would be Ireland, which could see a 10% cut in its exports under the no-deal scenario. This is because standard trade deals normally concentrate more on reducing or eliminating tariffs rather than non-tariff measures and Britain has already indicated it will diverge from the EU in terms of regulation.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK takes swipe at ‘indecisive’ EU as trade talk rancour grows | Malay MailLONDON, Feb 22 — Britain criticised the European Union today over the process of agreeing its negotiating mandate for post-Brexit trade talks, saying the bloc was “hamstrung by indecision and delay” because different members wanted different things. The outcome of the talks between Britain...
Source: malaymail - 🏆 1. / 86 Read more »
Macron says 'not sure' EU-UK trade deal possible before end of 2020 | Malay MailPARIS, Feb 23 — French President Emmanuel Macron yesterday said he was “not sure” it would be possible for the European Union and Britain to reach a trade deal by the end of the year. Britain and the EU are about to embark on negotiations aiming to hammer out a trade agreement by the time the...
Source: malaymail - 🏆 1. / 86 Read more »
Cambodian PM offers tax breaks to factories hit by virus, EU tariff lossesHun Sen also pledged to give hotels, guesthouses a tax exemption for 4 months. FMTNews Cambodia
Source: fmtoday - 🏆 5. / 72 Read more »
Macron says 'not sure' EU-UK trade deal possible before end of 2020 | Malay MailPARIS, Feb 23 — French President Emmanuel Macron yesterday said he was “not sure” it would be possible for the European Union and Britain to reach a trade deal by the end of the year. Britain and the EU are about to embark on negotiations aiming to hammer out a trade agreement by the time the...
Source: malaymail - 🏆 1. / 86 Read more »
UK takes swipe at ‘indecisive’ EU as trade talk rancour grows | Malay MailLONDON, Feb 22 — Britain criticised the European Union today over the process of agreeing its negotiating mandate for post-Brexit trade talks, saying the bloc was “hamstrung by indecision and delay” because different members wanted different things. The outcome of the talks between Britain...
Source: malaymail - 🏆 1. / 86 Read more »
'Namaste Trump' mega rally greets US leader during his 1st official India visitRather than a wide-ranging trade deal, reports say Trump and Modi may instead ink smaller agreements. FMTNews Trump
Source: fmtoday - 🏆 5. / 72 Read more »