Essay On International Business Trade

2050 Words9 Pages
This report will outline the competing perspectives on Britain’s continuing trade outside of the European Union membership, will also be considering at least one other EU members national perspective on the management context of European/International business trade.
It will summarise the impact of the EU integration on business, discussing possible proposal of recommendations for problems, and finally discussing the important economics models with examples.
The British individuals have settled on the most critical decision for a generation by voting for Brexit on the 23rd June 2016. According to BBC news, “leave won by 52% to 48%”. In order for the UK to leave the EU it needs to conjure an agreement called Article 50 of the Libson Treaty
…show more content…
Therefore, as you can see, from the table above these countries each have their own agreements with the EU, a few options that the UK could consider are explained in detail below (Fig:1)
For example; Norway is in the single market, and have freedom of movement and makes EU budget contribution. Switzerland is partially in the single market, accept free movement of people, they do contribute to the EU however they pay a smaller amount than Norway. Canada have tariff trade deals, as well as WTO and Turkey, however Turkey does not on industrial goods.
1). Norwegian Model
The choice to leave the EU has pushed the UK into uncharted trading territory. The main alternative frequently supported by supporters of Brexit, is joining the European Economic Area (EEA) which was founded in 1994 to provide European nations that are not part of the EU an approach to become members of single market.
The UK have got themselves in a messy situation but the way forward may not be. There are few alternatives they can choose from. One of the options is the Norway option, the Norway option gives the country full access to the single European market without being a fully paid – up member. The Norway model will also mean that Britain becoming members of two key European organisations, the European Economic Area (EEA) and the European Free Trade Association (EEFA).
Joining the EEA would mean the UK would still contribute to the EU’s budget. Additionally, the UK would
Get Access