Brexit: Australian Perspectives on International Trade and Customs Operations

Abstract

The decision made by a slight majority of voters in the UK to leave the EU, based on a non-binding referendum, sent initial shockwaves across the globe. The separation of the UK from the EU is still a process in the making, as there is no certainty about the negotiation approach the UK or the EU will adopt on the terms of the so called Brexit. This paper seeks to outline the major aspects of market access for the international trade of goods between the UK and the EU and the impact and opportunities for Australia, noting the comparatively greater importance of the EU 27 to Australia. The paper concludes that the economic interdependence between the UK and the EU warrants a win-win solution, despite the many as yet unknown challenges that lie ahead.

Keywords

• brexit
• customs regulations
• free trade agreements
• international supply chain security
• rules of origin
• tariffs