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The House of Lords EU Internal Market Sub-Committee has launched an inquiry into trade in services between the UK and the EU after Brexit.
Posted on October 17th 2016The House of Lords EU Internal Market Sub-Committee has launched an inquiry into future trade in services between the UK and the EU after Brexit following on from its inquiry into trade in general between the UK and the EU after Brexit. The inquiry will focus specifically on the following sectors: digital and telecommunications; professional business services; aviation; and creative and broadcasting.
The committee is interested in what specific issues Brexit raises for different sectors and what opportunities it provides. It is also interested in what the impact would be on these sectors of trading on World Trade Organisation terms, under the General Agreement on Trade in Service. It will consider whether the UK leaving the EU, but remaining a member of the European Economic Area would mean that present levels of market access will be retained, and whether a negotiated UK-EU Free Trade Agreement is an attractive option. The committee wants to establish what should be the government’s key negotiating objectives for each sector.
According to the Parliamentary press release, the services sector currently dominates the UK economy, contributing around 79% of gross domestic product and employing over 25 million people, and the EU is the UK's largest export market for services, accounting for 40% of trade.
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The House of Lords EU Internal Market Sub-Committee has launched an inquiry into trade in services between the UK and the EU after Brexit.
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