The European food and agriculture sectors in particular have benefited from the Brexit agreement. The British would otherwise have wanted to set higher trade fees for those sectors. Says Bert College, ING economist. Other economists are also in favor of a trade deal.
Despite these deals, the college warns that Brexit could do damage to the economy. ‘After January 1, it is no longer possible to trade like in recent years,’ he predicts. For example, trucks should be tested at the border soon. This can take time and cause delays. Companies need to take that into account. ‘
For example, the fact that concessions have been made in the fisheries sector is more relevant to this sector in the view of the Collision, but less so in the bigger picture. ‘From an economic point of view fishing is only a small sector, but it is a tangible and visible sector. That is why it is so politically sensitive, ”he explains.
Any trade agreement between the UK and the EU is better than Brexit without a deal, most economists believe. According to Boss Jacobs, a professor of economics at Erasmus University in Rotterdam, the final conclusion of a deal is “very good news”.
Damage without contract
‘The damage would have been unaccounted for if no agreement had been reached’, Jacobs insists. There would have been all the fees that would have been an obstacle to free trade. ‘This would have been very bad for the Netherlands because the United Kingdom is the Netherlands’ most important trading partner after Germany and Belgium. ‘
Jacobs also considers it important that companies on both sides of the channel can now continue to compete on an equal footing with each other. The compromise between Brussels and London has ensured that the rules of the European Union (EU) for a one-level playground remain the same. This does not change the fact that leaving the EU is an incredibly stupid idea. Brexit is an economically inexplicable tragedy, ‘says the economics professor.
The latter is the view of Arnoud Boot, professor of corporate finance and financial markets at the University of Amsterdam. But with all the trade deals he has made, the negotiators have succeeded in arranging a Brexit, which cannot really be called a Brexit. According to him, it will be beneficial.
Boot worries about boot life. For example, there is a section from the agreement that made this compromise possible. In the event of a disagreement, both parties agree that trade fees and sanctions may be set at a later date. According to Boot, this could actually cause the deal to explode later, and the success of the deal will depend on political sentiment in the coming years.
The United Kingdom wants to sign even more trade agreements in the future. According to British Foreign Secretary Dominic Robb, countries in the United States, Australia and the Asian region are now on the agenda. According to Rob, the latter area offers enormous growth opportunities for the future. According to him, British Prime Minister Boris Johnson will also visit India in January.
The United Kingdom and Turkey are expected to sign a free trade agreement on Tuesday. Commerce Minister Liz Truss said this on Sunday. Last year, trade between the two countries was nearly $ 21 billion. The two countries will sign an agreement reaffirming existing trade terms between Ankara and London, but Truss hopes the tailoring agreement between the two countries could be carried out soon.
The UK has signed trade agreements with 62 countries ahead of the Brexit transition period on January 1, when it leaves the EU’s trade agreement.
According to British Cabinet Secretary Michael Gove, the Brexit agreement will allow the UK to maintain a ‘special relationship’ with the European Union. That is how the country has traditionally described its close relationship with the United States.
The trade deal now makes it possible to leave the tough and ‘sometimes ugly’ Brexit process and enter a new, optimistic era, Cove wrote in an open edition in the Saturday Times. However, he writes, from January some things will change and companies will have to adapt.