Finally, a key question for European trade policy is beyond the domestic realm
and concerns the future of the multilateral trading system. The EU stands to
benefit from a rule-based multilateral trade order and so does the multilateral
system from the bloc’s support.
From a trade perspective, Brexit not only means entering uncharted territory for
the EU27 and the UK ‒ it also creates a unique and unprecedented situation for
the WTO. This means that there are going to be a lot of detailed questions that
need to be dealt with, including ‒ but not limited to ‒ adjustments of commitment
schedules or the question how a transitionary arrangement between the UK and
the EU27 would fit in with WTO rules.
It is becoming increasingly clear that
Brexit means leaving the Single Market and the UK Prime Minister Theresa May
has announced that she would like to restructure relationships with the EU and
the rest of the world through trade deals.