Since 2016, the world has been watching closely as the United Kingdom negotiates its drawn-out departure from the European Union. While continental Europeans try to avoid a surge in import tariffs and trade barriers after Brexit is enforced, Brazilian companies have spotted an opportunity that could lead to gains of up to EUR 1.7 billion per year.
The conclusion comes from a study by consultancy Bertelsmann Stiftung, for the Brazilian Trade and Investment Promotion Agency (Apex-Brasil), the Brazilian Embassy in London and the Brazilian Chamber of Commerce for Great Britain. The Brazil Brexit Watch report aims to monitor the expectations of Brazilian business owners about Brexit and guide them through the yet-to-be-defined British trade rules.
The UK will remain as an EU member state until October 31—with an option to leave early if the country’s House of Commons can agree on an exit deal. “This extension is as flexible as I expected and a little bit shorter than I expected but it is still enough to find the best possible solution,” said the president of the European Council, Donald Tusk. He pleaded that the UK “do not waste” this six-month period.
While Brexit is sending shivers down the spine of many UK business owners, Brazilian companies may gain EUR 1.7 billion per year if the UK leaves...
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