Publication:
Brexit: Trade Governance and Legal Implications for Third Countries

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dc.contributor.authorMolinuevo, Martin
dc.date.accessioned2017-04-13T14:55:31Z
dc.date.available2017-04-13T14:55:31Z
dc.date.issued2017-03
dc.description.abstractWhile precise impact of Brexit on the EU/UK trade and investment agreements with third countries will depend primarily on the terms of the withdrawal agreement to be concluded between them, most scenarios suggest an extensive process of amendment of the text and/or commitments in multilateral and bilateral agreements. At the multilateral level, the UK will remain a WTO Member, but will no longer be represented by the EU. The separation of the UK obligations from the current EU lists of concessions and schedules of commitments will require amendments that, particularly regarding subsidies and quotas, may lead to a broader renegotiation process requiring consensus of all interested WTO members. At the bilateral level, the status of current EU PTAs with regard to the UK and its trading partners remains uncertain: Some elements suggest that these PTAs may no longer be valid for the UK, or that, even if legally valid, they will no longer cover the relationship between the UK and the third country. Further, EU agreements focusing on goods only will no longer apply to the UK. For these agreements to continue to apply, the UK and the third country will need to amend some aspects of the text of the agreement as well as of the lists of commitments. Investment treaties concluded by the UK with third countries will remain valid, and no amendment is in principle necessary. Parties could require amendments to the text of the treaty, due to a fundamental change in circumstances. LDCs and developing countries who benefit from the EU GSP will continue under this regime for the remaining EU member, but that GSP framework will no longer be applicable to the UK. The UK may introduce a new GSP regime of its own. In all cases, third countries who consider that Brexit has diminished the value of their negotiated commitments have the opportunity to request compensation in sectoral commitments or changes in the text of the agreements, or ultimately terminate the agreement The process of amending the trade and investment agreements requires comprehensive knowledge of their trade and investment flows with the EU and the UK.en
dc.identifierhttp://documents.worldbank.org/curated/en/705891490038471881/Brexit-trade-governance-and-legal-implications-for-third-countries
dc.identifier.doi10.1596/1813-9450-8010
dc.identifier.urihttps://hdl.handle.net/10986/26351
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 8010
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectTRADE AGREEMENTS
dc.subjectECONOMIC INTEGRATION
dc.subjectPREFERENTIAL TRADE
dc.subjectINVESTMENT TREATIES
dc.subjectGSP
dc.subjectINTERNATIONAL TRADE LAW
dc.subjectBREXIT
dc.subjectWTO
dc.subjectEU
dc.subjectEUROPEAN UNION
dc.titleBrexiten
dc.title.subtitleTrade Governance and Legal Implications for Third Countriesen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleBrexit: Trade Governance and Legal Implications for Third Countries
okr.date.disclosure2017-03-20
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/705891490038471881/Brexit-trade-governance-and-legal-implications-for-third-countries
okr.guid705891490038471881
okr.identifier.doi10.1596/1813-9450-8010
okr.identifier.externaldocumentum090224b084a48f87_2_0
okr.identifier.internaldocumentum27284201
okr.identifier.reportWPS8010
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/705891490038471881/pdf/WPS8010.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.geographicalEuropean Union
okr.statistics.combined5495
okr.statistics.dr705891490038471881
okr.statistics.drstats4300
okr.topicInternational Economics and Trade::Rules of Origin
okr.topicInternational Economics and Trade::Trade Policy
okr.topicInternational Economics and Trade::Trade and Multilateral Issues
okr.topicInternational Economics and Trade::Trade and Regional Integration
okr.topicInternational Economics and Trade::World Trade Organization
okr.unitTrade and Competitiveness Global Practice Group
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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