Brexit vs. Chemical Industry
A ‚Bad Signal‘ – What the 'Brexit' Means for the Chemical Industry
An often cited scenario is to adopt a relationship similar to Norway, which is a member of the European Economic Area, thus adopting most of EU’s legislation (including freedom of movement, tariff-free trading and the majority of the environmental regulations), news agency Bloomberg states. Yet Norway has no voice in any EU decisions.
Switzerland, another possible model country for the UK, has joined the European Free Trade Agreement, having partial access to EU markets through 17 individual traties and more than 120 agreements – a process that took nearly a decade.
While the outcome of the referendum is still unclear, major thinktanks emphasize the negative effects that a Brexit would have for both the UK and the EU. A recent Treasury report predicted British GDP to decline by 3.8 % to 15 % within 15 years, depending on the following agreements and treaties.