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1). Currently the EU negotiates tariffs for the EU member-states and as such the UK benefits from the EU's quick ability to eliminate nearly all tariffs associated with South Korea (compared to the much longer process that Australia takes in negotiating tariffs with the same country (CBI, 2016, p. 1). This type of arrangement has enabled the UK to increase trade with South Korea by nearly 60% equaling 6.3 billion pounds in exports in the year following the deal's implementation (CBI, 2016, p. 2). A similar arrangement is in place between the EU and Canada, which accounts for 1.3 billion pounds of the UK economy (CBI, 2016, p. 2). Moreover, were the UK to stay in the EU and the EU to complete all its current negotiations, nearly 90% of all trade for the UK would be covered (CBI, 2016, p. 2). These trade arrangements provide numerous incentives for Britain; the downside of these arrangements, however, is that sovereignty of the United Kingdom is not front and center and the danger of centralized forces in the EU voting for a trade deal like the TPP in years to come is a persistent threat that could seriously undermine national sovereignty by placing multi-national corporations above the rule of law in the countries where they do business.
The potential advantages of the UK leaving the EU are evident in the fact that Britain will be in a position to negotiate its own trade agreements. While these may take time, the positive side of this type of situation is that the UK is no longer represented by a foreign body but rather by its own national leaders who can put forward the type of nationalist interests that have become popular in recent years.
Thus, outside the EU, the UK hopes to take more power over its trade agreements and policies rather than have them dictated by the EU. However, as there always is in economics, a trade-off is inevitable and the other side of this move towards autonomy by Britain is the possibility of further destabilization across Europe. As Dhingra, Ottaviano and Sampson (2016) point out, the EU is Britain's "most important trade partner, accounting for half of all UK exports and imports" -- that is, 15% of the UK's GDP (p. 2). However,…
In favor of joining is the fact that the large eurozone will integrate the national financial markets, leading to higher efficiency in the allocation of capital in Europe. The Treasury's official assessment of its five economic tests acknowledged that EMU membership for the UK could enhance productivity by increasing trade flows between the UK and other EU nations; boost investment and stimulate competition in product markets. (Artis 2000) EMU may help
The UK needs to build good economic relationships with emerging markets even more than with its EU neighbors. China is already highly competitive in manufacturing and is gaining competitiveness in high-technology manufacturing. India is a leader in Information Technology and, being an English speaking country, also has the ability to be globally competitive in Professional Services. Latin American and Southeast Asian economies, such as Brazil or Indonesia, will become increasingly
Potential Titles The Potential Effects of Brexit on the European Union Why Did the UK Voters Approve Brexit? Developing Post-Brexit Trade with the European Union Topics The Economic and Political Impact of Brexit The International Implications of Brexit Should the UK Reconsider Its Brexit Decision? The Pros and Cons of the Brexit Decision Outline I. Abstract II. Introduction III. Body A. Background and overview B. Immediate after effect of Brexit vote C. What the future holds IV. Conclusion Abstract In June 2016, voters in the United Kingdom approved
However, since its independence in 1905, Norway has worked towards building a strong economic base for its economy, although farmers and farming, too, continue to be strong identities in the nationalistic perception of Norwegians, its fishing industry, oil production and other natural resources. Norway's fishing industry is strong, although the country has some concerns about pollution and environmental issues, they're not strong or serious enough to adversely impact Norway's fishing
Egypt hopes to gain economic and political momentum for itself and the region through ongoing partnership with the EU and Mediterranean cooperation within the Barcelona Process. The Association Agreement between the EU and Egypt is expected to enter into force soon. It has already been ratified by the majority of the EU member states (also including Germany) and the section on trade relations has already come into provisional effect, and
The differences in culture with the American culture will meant the American staff that may go to help open the branches in China will have to take quite some time to learn the culture and the ways of the people there. The other difficulty will be the language barrier that may exists between the Americans and the Chinese. It may even call for a translator in the initial days as