Get Ready for Brexit: Risks and Opportunities for Exporters

Businesses in the US, UK, EU, and elsewhere need to understand how to minimize risks and maximize opportunities as we examine the current status of Brexit and the pending final outcomes and potential trade deals.

Having finally left the European Union, the UK has two top priorities: to negotiate free trade deals with the EU and the United States by the end of the year. The UK has a breathing space until then, in effect continuing to operate as though it is still in the EU. But on January 1, 2021 it will overnight be fully outside the EU. Its trade relationships will then be on the basis of whatever deals it has managed to secure in the very short time available. Where deals are not in place, the UK will default to the basic terms established by the World Trade Organization.

For businesses trading with the UK, and particularly for those with operations based in the UK or the EU, there will be significant changes. Some of these are already clear, others are currently hard to predict, and all are complex and potentially costly. Businesses that understand the issues and the likely outcomes, and take early steps to prepare, will be best positioned to manage the risks and to seize the opportunities that Brexit will create.