EC notice on BREXIT issued, licenses/certificates invalid

[Jetscream 32]

Speech by Michel Barnier at the Eurofi High-level Seminar 2018

Sofia, 26 April 2018

“”So, Brexit will come at a cost.

And this cost will be substantially higher for the UK than for the EU. Let me make 4 points:

1. Trade dependency is far higher on the UK side. The EU27 accounts for around 50% of UK export and imports. The UK market represents around 7% of EU exports and 4% of imports. Some EU regions are of course more exposed to the UK than others. We will be very attentive regarding this impact.
2. The UK attracts Foreign Direct Investment to serve broader EU markets. With unavoidable friction and non-tariff barriers, some companies will need to rethink their business models.
3. EU talent may find the UK to be a less attractive place. This could generate skills shortages, for instance in the health sector.
4. Finally, the UK is currently covered by 750 international agreements as an EU Member State. After Brexit, the UK will have to negotiate its own agreements – not only in trade – but also, for instance, in aviation. The UK will need a new administrative capacity.””