Brexit and Trade

Philip Whyman and Alina Ileana. Petrescu ()
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Alina Ileana. Petrescu: University of Central Lancashire

Chapter Chapter 3 in The Economics of Brexit, 2020, pp 71-115 from Springer

Abstract: Abstract The impact of Brexit upon trade has been the primary concern for most economists since the lowering of trade barriers and resulting reductions in trade costs are viewed as overwhelmingly positive. The economic theory relating to trade integration and growth is considered, before noting the results of those studies which have sought to estimate the impact of EU membership over time. One conclusion drawn from the evaluation of the evidence is that trade integration would appear to have positive economic results, but that the UK has had a much lower rate of benefit than other EU member states, perhaps due to the fact that most of its exports are destined for other parts of the globe and hence it is less tightly integrated into the European market. Potential effects arising from the re-imposition of tariff and non-tariff barriers are examined, noting that different sectors are likely to experience quite different effects. Finally, the conclusions reached by a range of studies into the possible trade effects of different variants of Brexit are examined and broad conclusions reached.

Keywords: TRADE—UK-EU trade balance; Trade integration; Trade impact of no deal; Brexit impact on trade (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-55948-9_3

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DOI: 10.1007/978-3-030-55948-9_3

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