Brexit : Trade Governance and Legal Implications for Third Countries

Molinuevo, Martin

World Bank, Washington, DC

关键词: TRADE AGREEMENTS;    ECONOMIC INTEGRATION;    PREFERENTIAL TRADE;    INVESTMENT TREATIES;    GSP;   

DOI  :  10.1596/1813-9450-8010
RP-ID  :  WPS8010

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

While precise impact of Brexit on theEU/UK trade and investment agreements with third countrieswill depend primarily on the terms of the withdrawalagreement to be concluded between them, most scenariossuggest an extensive process of amendment of the text and/orcommitments in multilateral and bilateral agreements. At themultilateral level, the UK will remain a WTO Member, butwill no longer be represented by the EU. The separation ofthe UK obligations from the current EU lists of concessionsand schedules of commitments will require amendments that,particularly regarding subsidies and quotas, may lead to abroader renegotiation process requiring consensus of allinterested WTO members. At the bilateral level, the statusof current EU PTAs with regard to the UK and its tradingpartners remains uncertain: Some elements suggest that thesePTAs may no longer be valid for the UK, or that, even iflegally valid, they will no longer cover the relationshipbetween the UK and the third country. Further, EU agreementsfocusing on goods only will no longer apply to the UK. Forthese agreements to continue to apply, the UK and the thirdcountry will need to amend some aspects of the text of theagreement as well as of the lists of commitments. Investmenttreaties concluded by the UK with third countries willremain 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 anddeveloping countries who benefit from the EU GSP willcontinue under this regime for the remaining EU member, butthat GSP framework will no longer be applicable to the UK.The UK may introduce a new GSP regime of its own. In allcases, third countries who consider that Brexit hasdiminished the value of their negotiated commitments havethe opportunity to request compensation in sectoralcommitments or changes in the text of the agreements, orultimately terminate the agreement The process of amendingthe trade and investment agreements requires comprehensiveknowledge of their trade and investment flows with the EUand the UK.