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Ferbrache: Brexit outcome won't hinder Guernsey business

Ferbrache: Brexit outcome won't hinder Guernsey business

Tuesday 15 December 2020

Ferbrache: Brexit outcome won't hinder Guernsey business


The Chief Minister has said there will be "stability and continuity" for Bailiwick businesses at the end of the UK-EU transition period, regardless of the outcome of Brexit negotiations.

During the week, Deputy Peter Ferbrache held a "positive" meeting with the UK’s Minister of State for Trade Policy, The Rt Hon Greg Hands MP, to discuss Guernsey’s inclusion in the UK's trade agreements moving forward.

On 31 December, the UK will become a member of the World Trade Organisation; this membership will extend to the Bailiwick, as was agreed in 2019, which Deputy Ferbrache said will benefit businesses trading goods, services and intellectual property.

"As a result [of WTO membership], the Bailiwick is ready to trade in accordance with any new international agreements at the end of the UK-EU transition period," he said.

"Furthermore, we can take part in various existing trade agreements that have been rolled over for the trade in goods."

Guernsey_Brexit_eu-2.jpg

Pictured: Guernsey will have the option to participate in any future trade agreements the UK negotiates, according to the Minister of State for Trade Policy.

“The Bailiwick continues to have an ongoing third-country relationship with the EU for financial services. Together, this all provides stability and continuity for Bailiwick businesses.”

The Bailiwick has already been included in several agreements between the UK and various global powers, including Japan and Canada. Further agreements are currently under consideration with Australia, New Zealand and the USA.

These agreements, along with WTO membership, will enable Guernsey businesses to participate in international trading frameworks, which Deputy Ferbrache said was "extremely positive":

“Minister Hands gave assurances that the Bailiwick’s interests will continue to be included in the UK’s future trade policy objectives,” he said.

“That includes enabling the Bailiwick to consider whether it wishes to be included in any trade agreements with new global partners – leading to new opportunities for Bailiwick businesses as a result of the UK’s withdrawal from the EU."

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Pictured: The future of Guernsey's territorial fishing waters continues to be a concern as UK-EU negotiations near their end.

“I look forward to continuing the constructive dialogue with the Department for International trade about our respective trade ambitions and policy objectives.”

The Policy & Resources Committee is still at work to ensure a ‘frictionless’ relationship with the UK once the transition period ends, as Brexit negotiations have caused a number of concerns for the Channel Islands – the most pressing of which is the ongoing debate on a fisheries agreement, which may see our territorial waters surrendered without our consent.

Pictured: Chief Minister Peter Ferbrache has met with the UK’s Minister of State for Trade Policy.

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