Throwing the baby out with the bathwater: Brexit and the economics of disengaging from a free trade association

Andrew Hughes Hallett

Economic Analysis and Policy, 2019, vol. 62, issue C, 91-96

Abstract: For nearly six decades or more, international trade policy has been largely dictated by UN (now WTO) supervised rounds of mutual tariff reductions, starting with the Kennedy round in 1961. Initially attention was focused on tariffs as such, but more recently the scope has been extended to include services, investment, intellectual property rights, free trade associations, and sensitive issues like agricultural goods. As the negotiations became more complicated (and controversial), the speed at which new agreements were agreed slowed down markedly. It became popular to argue that bilateral deals, and then agreements that allowed the emerging trade associations to merge, would be a better way forward-in the hope that mergers between the larger associations would lead to free trade world-wide.

Keywords: Brexit; Free trade agreements; Exit costs (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecanpo:v:62:y:2019:i:c:p:91-96

DOI: 10.1016/j.eap.2019.01.004

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