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Berthold Busch IW-Report No. 39 17. August 2020 Brexit and Foreign Trade

Even though the British have already left the European Union on 31st January 2020, a "hard brexit" is not yet off the table in so far as the two parties have not yet agreed on an agreement on future economic relations.

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Brexit and Foreign Trade
Berthold Busch IW-Report No. 39 17. August 2020

Brexit and Foreign Trade

IW-Report

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German Economic Institute German Economic Institute

Even though the British have already left the European Union on 31st January 2020, a "hard brexit" is not yet off the table in so far as the two parties have not yet agreed on an agreement on future economic relations.

So far, the negotiations have produced hardly any results. Several points of contention stand in the way of an agreement for some time. These include the nature of the agreement, differing views on the extent to which the United Kingdom must adopt and maintain the European Union's regulatory framework (level playing field), the design of the rules of origin and future access to fishing grounds in British waters. The uncertainties associated with the preparations for the Brexit and the uncertainty as to whether the European Union and the United Kingdom can agree on a free trade agreement have already affected British-German foreign trade. While in the long term from 1991 to 2015, German exports to the UK grew by over 5 per cent on average per annum, there has been an average annual decline of 3 per cent over the last four years. In terms of the individual product groups, motor vehicles and parts in particular suffered a decline in exports and imports. By contrast, mechanical engineering and electrical equipment defended their position well. The corona pandemic put an additional strain on British-German foreign trade. This is shown by a comparison of exports and imports in the first four months of 2020 with the corresponding figures for the previous year. But here too the picture is not always uniform.

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Brexit and Foreign Trade
Berthold Busch IW-Report No. 39 17. August 2020

Berthold Busch: Brexit und Außenhandel

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German Economic Institute German Economic Institute

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