Brexit Damage for Asia and Africa: Global Finance

British voters and leaders are divided over whether and how to exit membership in the European Union. The economic damage could spread beyond Europe. The German Development Institute suggests that a no-deal Brexit would mean returning to World Trade Organization tariffs – with “49 vulnerable states will no longer have access to the UK market through an Everything But Arms (EBA) agreement that allows least-developed countries (LDCs) to export to the EU tariff-free,” reports Andrew Woodman for Global Finance. The United Kingdom represents a sizable share of exports from Cambodia, Nepal, Senegal, Malawi, Ethiopia, Madagascar and others, and together such countries may have to pay hundreds of millions of pounds in extra duties. Britain has not prepared for all aspects of Brexit. Replicating the trade agreement may not be easy with fast-approaching Brexit deadlines and hardline populist attitudes opposed to trade. – YaleGlobal