"Where there is crisis, there is also opportunity, and the vote presents an opening for another step forward of global trade and investment liberalization."
The United Kingdom’s surprising vote to exit the EU turned another tricky day into a possible social crisis. But where there is crisis, there is also opportunity, and the vote presents an opening for another step forward of global trade and investment liberalization.
When the U.K. leaves the EU, it will also lose zero-tariff participation in what is now the world’s largest economy, the EU. Beyond tariffs on goods, the U.K. has virtually barrier-free access to service sector opportunities across the EU. These economic opportunities far exceed any relationships the U.K. has elsewhere in the world. The upcoming exit means the U.K. will need to better integrate with the rest of the world as it seeks a new arrangement with the EU.