Brexit - Trade aspects. This document was presented during the conference held on March 28th 2017 by the law firms Soulier & Faegre Baker Daniels LLP.

1. Brexit : Trade aspects
Jean-Luc Soulier
March 28, 2017
Paris
50 Avenue de Wagram
75017 Paris – France
Tél : +33(0)1 40 54 29 29
Fax : +33(0)1 40 54 29 20
Lyon - Cité internationale
34 Quai Charles de Gaulle
69463 Lyon Cedex 06 – France
Tél : +33(0)4 72 82 20 80
Fax : +33(0)4 72 82 20 90

2. How does UK/EU trade works ?
Ø Single Market
ü No barriers to trade (Free movements of people, goods, services and capital)
ü No tariffs nor quotas
ü Non-tariffs barriers reduced (technical specifications, labelling requirements,
etc.)
Ø Customs Union:
ü No customs duties levied on goods travelling within the union
ü Common external tariff on all goods entering the union
ü EU negotiates as a single entity with WTO
2

3. Need for a transition over the Brexit
Ø The Great Repeat Bill
ü Need to provide legal certainty over the exit from the EU
ü Taking all existing EU law into UK law and end the EU Court of Justice’s
authority in the UK
ü UK Parliament deciding which provision to keep, amend or repeal
3

4. What’s next ? (1/2)
Ø Negotiating a (tailored) Free Trade Agreement (best-case
scenario)
ü For the « freest possible trade » (UK’s Brexit White Paper)
ü Widest possible access to the goods and services
ü No single market
ü No pre-existing model already enjoyed by other countries
ü No Common Commercial Policy
ü No Common External Tariff
4

5. What’s next ? (2/2)
Ø Joining the European Economic Area ? (Very unlikely)
ü Membership of the Single Market (so obligation to accept free movement of
people)
ü Requirement to implement EU Regulation
ü Financial contribution to EU Budget
ü EU Financial services passport
ü EFTA Court (follows EU Court of Justice jurisdiction)
Ø Trading under the WTO rules (Worst-case scenario)
ü Need to establish its own schedules
ü Most favored nation (MFN)
5

6. Nous contacter
6
jl.soulier@soulier-avocats.com
Jean-Luc Soulier
Avocat aux Barreaux de Paris
et de Bruxelles.
Jean-Luc est l’associé gérant du
cabinet.
http://www.soulier-avocats.com