On 14th June, the House of Commons Library published a briefing paper which looks at the complexity of international trade in services and discusses what changes could take place under the different future scenarios.  Services account for nearly 80% of the UK economic output and 45% of UK exports, and this share has been growing over time – and the EU is the UK’s largest export market for services, accounting for 41% of all service exports.  If the UK leaves the EU it will become a ‘third country’ to the EU. Without a deal trade with the EU will be based on the rules of the General Agreement on Trade in Services (GATS) of the WTO and, in addition, UK businesses will face rules set by individual EU Member States.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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