Thursday, 08 August 2019 08:50

Danish trade with the UK post Brexit

Should Brexit come to pass, Danish fishermen might find themselves in a tricky situation. If Britain leaves the EU and Denmark loses access to British waters the Danish fishing fleet will lose 30 percent, or about 1 billion Kroner, of total annual income, according to a report from the Department of food and Resource Economics at the University of Copenhagen.  Brexit could have the most negative impact on larger fishing corporations, which would end up losing 61 percent of total income. The Danish government is working towards a scenario in which the Danish fishing fleet will have access to British waters even if the UK leaves the EU. A recent deal between the Faroe Islands and the UK may set a positive president for trade relations between the UK and the rest of Europe in a post Brexit EU.

 

Despite the uncertainty of Brexit, Great Britain recently ratified a trade continuity agreement with the Faroe Islands that will see British businesses and consumers benefiting from continued trade with the Faroe Islands after Brexit. The new UK-Faroe Islands agreement replicates the existing trading arrangement as far as possible. It will come into effect as soon as the implementation periods ends in January 2021, or in October if the UK leaves the EU without a deal.