|Courtesy of www.huffingtonpost.com|
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|Courtesy of www.economist.com|
Moreover, it is being assumed that other countries will easily enter into trade agreements with Great Britain. Negotiations could be long and uncertain, with countries such as South Korea rumoured to be quite “tough negotiators”. Finally, countries may prefer to enter into negotiations with a supranational institution such as the EU, since they enter into an instant agreement with 28 member states. Great Britain, however, is just one country. Nevertheless, Britain would still benefit from membership of the World Trade Organisation (WTO) even if it were to leave the EU. According to the IMF Direction of Trade Statistics (quoted in The Economist above), the value of exports to the EU from Britain is $210 billion whilst EU exports to Britain had a value of $357 billion. One could argue that the EU as a whole benefits more from Britain’s membership than the other way around.
|Courtesy of en.wikipedia.org|
- British economist David Ricardo