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Brexit could cost poorest countries €378m a year, warn economists

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Tuesday, 13 September 2016

Brexit could cost poorest countries €378m a year, warn economists

The world’s poorest countries could lose more than €378 million year if their existing trade agreements with the UK market are not maintained in the event of Brexit, a new series of essays published by the Overseas Development Institute (ODI) and the UK Trade Policy Observatory has warned. The authors said emerging markets in Africa, the Caribbean and the Pacific (ACP) are at similar risk, and could lose up to €203 million annually once the UK leaves the EU, as developing countries currently benefit from preferential access to the British market through the EU’s trade policy. Under the EU’s generalised scheme of preferences (GSP), developing countries pay little or no duty on their exports to Europe, while the Everything But Arms treaty gives the world’s least developed countries (LDCs) duty- and quota-free access to all products except arms and ammunitions. The director of the UK Trade Policy Observatory, Professor Leonard Alan Winters, who authored one of the essays, said a failure by the UK to maintain preferential trade deals could have unfavourable consequences for both trade and foreign policy.

Source: euractiv.com