In the UK’s representative democracy, an MP is a representative, so they are not excepted to have any specific skills or education or knowledge. They are selected by a political Party and then stand before the electorate in a defined constituency. Thus, I should not be shocked or surprised when reviewing material published by Reigate’s current MP. One thing is clear, The MP does not understand how industry and regulation work.
The term “regulation” is not used in the general description of the World Trade Organization (WTO). Yes, it does have Member States, but it does not have a framework of directly applicable law. WTO administers the trade agreements that are the foundation of rules. It’s an international intergovernmental bureaucracy with a slow-moving Dispute Settlement Body (DSB).
Today, the 28 Member States of the EU are WTO members. They work together since the EU has a single customs union with a single trade policy and tariffs. That will not change if the UK leaves the EU on 29 March 2019. The EU’s single trade policy and tariffs, as declared to the WTO, will apply to the UK as a “third country” in relation to the EU.
There are some Westminster MPs, who might be called “neo-imperialists” in the UK, who fail to recognise that the EU is the UK’s largest trading partner. Post Brexit, the EU’s economy is about 7 times bigger than the UK’s. If Brexit happens it’s imperative that detailed trade negotiations start early in 2019.
The threat of a “No Deal” outcome to the Brexit negotiations sets a dreadful precedent for future negotiations. If the UK rejects the WA and PD that has been tabled, then there’s not much basis for improving the UKs position as a “third country” in existing EU legislation. And a great deal of “good will” will have been expended. Naturally, the option to remain as a powerful EU Member States is currently possible too.
Some Ministers are touting the notion of a “Managed No Deal”. This is an entirely false prospectus since no ad-hoc last-minute fixes are offered by our partners.
The other, disruptive notion is to withhold funds during an agreed transition period. This is extreme bad faith since the UK accepted the EU’s multiannual financial framework during its membership. Why would anyone sign a generous Free Trade Agreement (FTA) with a former partner acting in such bad faith? Other world States, looking on, may then take a similar view. This strategy is foolhardy.
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