TRADE IN SERVICES AFTER BREXIT: LEGAL OPTION FOR THE UNITED KINGDOM (UK) AND EUROPEAN UNION (EU)

Abstract

The decision made by a slight majority of voters in the United Kingdom (UK) to leave the European Union (EU) based on a non-binding referendum sent initial shockwaves across the globe. Consequently, the United Kingdom has a significant challenge ahead since it will have to renegotiate a complex web of trade agreements built up over decades and this could be a starting point of new changes on trade in services agreements. This study aims to outline some post-Brexit legal options for trade in services for United Kingdom and European Union. In doing so the paper looked at the United Kingdom legal framework for trade in services under European Union and United Kingdom trade in services with European Union under the World Trade Organization (WTO) rules. Although the long-term consequences of Brexit will not become so clear for many years, this paper seeks to make reasonable recommendations as to what can be done to better the trade in services situation in a post Brexit era that could benefits the United Kingdom, European Union and the world at large.