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Soft Brexit is the best option

Economic experts agree that since no analysis counts with hard Brexit, a no deal scenario would be a step into the unknown.

(Source: TASR/AP)

No deal in negotiations between the European Union and the United Kingdom, which leaves the club in 2019, would be an extreme shock for the economy. All current analysis count with a soft Brexit, which will allow the UK to remain an important business partner, experts agree.

“The topic of Brexit is underestimated in Slovak discussions,” economic analyst Vladimír Vaňo told the press in late November 2017.

Read also:A record number of British companies are locating to Slovakia

Despite their geographical distance, the business relationship between Slovakia and the UK is booming. The UK was one of Slovakia’s biggest business partners. It was the country’s fifth biggest export and 12th biggest import partner in 2016.

Its importance may even increase, particularly after Jaguar Land Rover launches production in its Nitra-based plant, Vaňo opines.

Business relations should remain open

Slovakia wants to maintain mutual business relations with the UK as open as they are now. Moreover, it supports the smallest customs duties possible and the elimination of all non-tariff business obstacles of goods most exported to the UK (mostly vehicles, electronic devices and machinery products), said Maroš Stano, spokesperson for the Economy Ministry.

“The best way to achieve this goal is to sign a comprehensive and broad free trade agreement between the EU27 and the UK that will include trade with goods and services, investments and public procurement,” Stano told The Slovak Spectator.

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