Can Britain Keep its Trade Deals after Brexit?
With a couple of weeks to go before British citizens will cast their vote on the future of Britain’s membership of the European Union, Politico Pro’s Morning Trade interviewed me about the consequences of the free trade deals that the U.K. is bound to via its EU membership.
There are indeed a number of trade agreements, such as the agreement between the European Community and Canada on trade in wines and spirit drinks, that the EU has negotiated as a bloc and that did not require member state ratification. In such cases, if the U.K. were to leave the EU, it would lose the right to those trade deals. Moreover, even when both the EU and the U.K. ratified a free trade agreement, once Britain is out of the bloc, it’s out of the Customs Union and Single Market. Renegotiations would be necessary because the U.K. cannot fulfil its obligations anymore under the previous agreements.