Type: Client Alerts
Following the result of the UK referendum, held on 23 June 2016, the UK will leave the EU. The result created much speculation and commentary and culminated in then Prime Minister David Cameron stepping down.
Brexit has again been a hot topic of conversation following, Prime Minister, Theresa May’s speech at Lancaster House on 17 January 2017 during which May confirmed, amongst other matters, that the UK will leave the EU single market and also that Parliament will vote on any agreement which the UK reaches with the EU. She also stated that any agreement should allow for the ‘freest possible trade’ between the UK and EU member states.
May has previously stated that article 50 of the Lisbon Treaty will be invoked by the end of March 2017. This will begin a period of two years of formal negotiations. Therefore, as it presently stands, the UK is likely to have exited the EU by mid-2019.
Brexit has created an unsettling time for those in the UK and Europe. Moreover, its implications are far-reaching and its repercussions have been felt across the globe.
Below, we consider what implications Brexit could have for those, in ASEAN, who currently have, or are considering making, investments in the UK. We also consider whether, going forward, the UK and ASEAN are likely to enter into free trade agreements (FTAs) and the implications of such FTAs on ASEAN and, consequently, those operating businesses within it.