Abstract

The preferential international trade agreements are currently processed by the EU to enhanced trade with Lesser Developed countries. The EU negotiates these agreements over many years and have a Generalised System of Preference (GSP) committee in place, which oversees the current GSP process. Now the situation is changing as the UK has voted to come out of the EU on the 23 June 2016. So how is this going to affect the UK importers? UK Importers are concerned if trade agreements and preference agreements can be renegotiated and how long will it take to for this process to be completed. The impact could be a large rise in cost of manufacture and retail goods which may have to be passed onto the end consumer.