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Economic Implications of Brexit and Turkey

The Brexit’s aftereffects on the Turkish economy will hinge mostly upon the Brexit formula to be devised. The new structure of UK-EU trade could include Turkey as an associated party or, alternatively, pave the way for a new bilateral agreement with the UK.

The radical choice made by Britons to leave the EU in June 2016 was led by those who believed that an EU-independent UK would be better off. Nevertheless, the degree of rationality of the arguments put forward for the Brexit campaign still preserves its ambiguity. In this context, the fundamental question relates to the price to be paid by Great Britain in return for the sovereignty that it voted for. This is because the political as well as the economic dimensions of the historical decision create nontrivial concerns. What is more, concerns are not limited to the UK but also pertain to the EU and many non-EU affiliates.

In this regard, the Brexit process to be triggered by Article 50 of the Lisbon Treaty will be critical in many respects. The formula that will emerge from the negotiations, which are expected to last two years, will determine the content of the post-Brexit conditions for the UK, thereby generating implications for the rest of the world.

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[The New Turkey, September 26, 2016]

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