International business groups urge UK to avoid ‘gravely concerning’ no-deal Brexit
Eight business federations from around the world including the US Chamber of Commerce have joined together to express their concern about the possibility of a no-deal Brexit, urging the UK and EU to reach an agreement over Britain’s exit from the bloc.
The groups published a joint statement saying in the event of a no-deal Brexit, firms “would be forced to make decisions about supply chains and investments in the UK without knowing what the future terms of trade will be.”
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The federations – the Australian Industry Group, Brazillian National Confederation of Industry, Canadian Chamber of Commerce, Federation of Egyptian Industries, Japan’s Keidanren Business Federation, Federation of Korean Industries, Business New Zealand, and the US Chamber of Commerce – said companies from their respective countries invested over £48.1bn in the UK in 2017.
“The UK walking away abruptly from treaty obligations with its largest trading partner also sends concerning signals to others considering bilateral agreements in the future,” it added.
The statement warns of potential disruptions to businesses including changed border controls, regulatory fragmentation, and uncertainty over the flow of data and e-commerce.
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It ends by urging the UK and EU “to reach an agreement that includes a meaningful
transition period and to swiftly conclude an ambitious agreement regarding their future
commercial relationship that supports jobs, growth, and prosperity in the UK and across Europe.”
Main image credit: Getty