Brexit Damage for Asia and Africa: Global Finance

British voters and leaders are divided over whether and how to exit membership in the European Union. The economic damage could spread beyond Europe. The German Development Institute suggests that a no-deal Brexit would mean returning to World Trade Organization tariffs – with “49 vulnerable states will no longer have access to the UK market through an Everything But Arms (EBA) agreement that allows least-developed countries (LDCs) to export to the EU tariff-free,” reports Andrew Woodman for Global Finance. The United Kingdom represents a sizable share of exports from Cambodia, Nepal, Senegal, Malawi, Ethiopia, Madagascar and others, and together such countries may have to pay hundreds of millions of pounds in extra duties. Britain has not prepared for all aspects of Brexit. Replicating the trade agreement may not be easy with fast-approaching Brexit deadlines and hardline populist attitudes opposed to trade. – YaleGlobal

Brexit Damage for Asia and Africa: Global Finance

Economic damage from Brexit is not limited to Europe – but will also hit some least developed nations that rely on exports to the UK
Andrew Woodman
Thursday, March 28, 2019

Read the article from Global Finance.

Andrew Woodman is a contributor.

Free trade: Exports and trade contribute to jobs, and the European Union launched the Everything but Arms program in 2001, allowing imports to the EU from least developed nations to be duty- and quota-free; UK exports represent a sizable percentage for some nations - though with Brexit, the UK has yet to replicate the deal (Sources: OEC and European Commission)

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