UK-EU trade shows little new friction
SUGGESTED
IEA research featured in CityAM and Conservative Home
Catherine McBride writes for The Daily Express
Catherine wrote:
“As Brexit could only possibly alter trade with the EU, which makes up just 42% of total UK trade, then for total UK trade to fall by 15% the OBR must still expect UK trade with the EU to fall by 36%. Of the 12 studies the OBR cites to back up the claim, analysing data from 2016 to 2019, none could have known the exact nature of the post-Brexit UK-EU Trade and Co-operation Agreement (TCA).
“The TCA differs from typical EU trade agreements by offering immediate tariff-free and quota-free market access. Contrary to external studies’ assumptions, non-tariff trade friction hasn’t been evident in UK-EU trade data.”
Read the full piece here (print, pg. 5).