http://www.reuters.com/article/us-britain-eu-trade-idUSKCN1220GF
The above article discusses the need for Britain to negotiated a new deal with the WTO. Because they were part of the EU, they themselves did not have a deal with the WTO. So they must negotiate new deals with the other nations and have them approved. Trade Minister Liam Fox said that " terms with the World Trade Organization will not be simple but should be done in a way that causes minimal disruption to global trade". He also believes that because Britain was a founding member and is in good standing they will not need to re-apply for membership.
This is one thing that I had not thought about with the Brexit vote. I knew that Britain would have to re-negotiate trade deals and certain things with each EU member. But I did realize that they would have to do the same thing for the WTO, because the EU is just one body. I think this will be a lot on their plate having to negotiate deals with both the EU and every country in the WTO. What also makes this a difficult task for them is that the WTO is not necessarily a place where things get done fast. As we talked about last class, the WTO has had the DOHA round waiting for approval for almost 20 years. This is not a very speedy process, which is something that Britain is hoping for. While I believe this will not be an easy task for them to complete, I think that it is completely doable.
I think it is a good idea for Britain to break off from the EU. Britain is its own nation and should establish its own WTO agreements. It seems that it is going to take a long time for Britain to finally leave the EU anyways because of article 50.
ReplyDeletehttps://www.washingtonpost.com/news/worldviews/wp/2016/06/24/article-50-the-untested-piece-of-e-u-legislation-that-will-control-britains-future/
This article concludes the process of leaving where first Britain has to inform the European council, then the European council has to draft an agreement. From here they have to negotiate with the European commission, European parliament consents to an agreement which can take as long as two years. Then from here Britain has to make agreements with the WTO which is a long and lengthy process. I do agree that it will be doable, but wonder what the benefits are for Britain to go through this long process.
I agree that I think that it is a good idea for the UK to leave the EU for economic reasons. As you have states, it is a lengthy process to the road of finally leaving the EU and making agreements with the WTO. Especially since the WTO has been stuck on their current round of negotiations for so long, I wonder how long this will take and how it will impact the UK.
DeleteI'm not surprised that since Britain is not longer under the political umbrella that is Brussels and the center of the EU then it would have to separate itself and re-negotiate. Since it's now going to be its completely own economic and political entity it can't have the same deals as it would when it was with a union such as the EU.
ReplyDeleteabsolutely, It seems pretty obvious that they would have to sign new deals and re-negotiate with countries inside of the EU. Since it is no longer part of the EU it would not have the same deals it had before, as you said. I think it will be interesting to see what these deals will be and how they will impact the UK.
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