U.K. flash PMI indices continued to recover in June from April lows, manufacturing PMI index rises to 50.1
Regulatory Series on Cryptocurrencies: US SEC Hammers Lobbyist CEO of AML Bitcoin With Fraudulent ICO Project
Philippine central bank surprisingly lowers interest rate by 50 bps, unlikely to cut again in August
Brexit Series: UK needs to re-negotiate 759 treaties post-Brexit, says FT Research
‘Brexit is no easy job’, that is what United Kingdom’s government officials are learning every day. In its 46 years in the European Union, the United Kingdom has entered into hundreds of treaties, with agreements running thousands of pages that includes laws, regulations, guidelines that is necessary for a modern economy to function and all that will have to be redone once the UK leaves the European Union officially.
On Brexit day, which is likely to come at some time in 2019, Britain will overnight lose all the arrangements made as a part of the European Union with ‘third countries’. According to a research by Financial Times, Britain will have to re-negotiate around 759 treaties after Brexit; 295 of them will be on trade, 202 treaties on regulatory cooperation, 69 treaties on Fisheries, 65 transport treaties, 49 customs treaties, 45 nuclear treaties, and 34 agricultural treaties.
Talks will need to take place between the UK and 160 other countries. In some cases, the UK will have to enter into several multilateral agreements involving more than 100 countries. Even the FT Research concludes that this 759 number is a narrow estimate and points that the actual burden could be much higher.
One thing can be said with certainty, that while it took just one day of voting for Brexit to happen, the actual orderly exit could take years.
Here is a link to the original FT article, https://www.ft.com/content/f1435a8e-372b-11e7-bce4-9023f8c0fd2e