Brexit may cause trade swing to China, Asia

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As law firms scramble to explain possible Brexit scenarios to clients, some analyses see China and the Asian region set for a trade windfall from the UK’s exit from the EU.

According to Anna Elliott, a Sydney-based partner at Squire Patton Boggs, several Asia-Pacific countries either have negotiated, or are currently negotiating, free trade agreements (FTAs) with the EU. “Brexit may require existing FTAs with the EU to be renegotiated to adjust for a non-Britain EU, and, depending on how complex Britain’s exit from the EU is, may delay the free trade negotiations currently underway,” she said.

story_1_main_picBut Asian countries may benefit from this opportunity as well. “Exiting the EU will require Britain to negotiate separate [FTAs] with Asia-Pacific countries – if it so desires,” Elliott said. “This has the potential to benefit countries in the Asia-Pacific region such as China, as Britain – in the event of Brexit – would be expected to focus on developing stronger trade relationships in the Asia-Pacific region, offering trading opportunities for both governments and companies.”

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