The EU’s single market is the world’s largest trading block and as such, is the UK’s most important trade partner. Two of the core tasks of the EU set out in the EU Treaty are the establishment of a single market, and establishing a customs union through which the “member states aim to contribute, in the common interest, to the harmonious development of world trade, the progressive abolition of restrictions on international trade and the lowering of customs barriers”. In the event of a Brexit, the UK will no longer be a part of the single market or the customs union.
In this short note we briefly review what the UK’s trade position may look like with the rest of the EU and other important global trade partners such as the US, China and Turkey following a Brexit.
Shepherd and Wedderburn has been for many years offering balanced and impartial advice on how the different scenarios might play out in the event of constitutional change.
With the EU referendum now only months away, members of our dedicated Brexit Advisers will continue to interrogate the ‘what if’ questions, relating to specific sectors, that will emerge when the UK decides whether to remain in or leave the EU.
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