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How Brexit will affect the Caribbean countries

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How Brexit will affect the Caribbean countries

Will the break-up between UK and the European union or how it comes to be called Brexit will affect the Caribbean countries?

Before Britain joined the then European Economic Community in 1973, the trades between Britain and the 12 Caribbean countries were conducted under a Commonwealth preference scheme, because Britain was many of these countries former colonial ruler. But when Britain joined the European Economic Community in 1973, it submitted all authority of its trade agreements to such a community. Ever since all British trade, aid, and investment relations between the 12 Caribbean countries have been conducted by the EU and these relations were regularly formalized successively in the Cotonou Agreement, Lome Convention and the Economic Partnership Agreement (EPA). When Britain will officially exit EU, these 12 Caribbean countries will not have any formal or structured trade relationship with Britain, neither the Caribbean countries will have any trade agreement with the EU, because the majority of their exports were meant for the British market. The British market, British contribution to foreign aid, investment and many other benefits and dependency will disappear from the EU unless the Caribbean countries formulate plans to deal with the serious consequences of the Brexit. They should also watch how the EU restructures itself without Britain.

Tags: British, United Kingdom, Britain, European Union, Brexit

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