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 Read more 

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.

The rest of this article is premium content at Spectator.sk
Subscribe now for full access

I already have subscription - Sign in

Subscription provides you with:
  • Immediate access to all locked articles (premium content) on Spectator.sk
  • Special weekly news summary + an audio recording with a weekly news summary to listen to at your convenience (received on a weekly basis directly to your e-mail)
  • PDF version of the latest issue of our newspaper, The Slovak Spectator, emailed directly to you
  • Access to all premium content on Sme.sk and Korzar.sk

Get daily Slovak news directly to your inbox

Theme: Brexit

Read more articles by the topic

Top stories

News digest: Who is ready for a vaccine in Slovakia

Vlhová won again. Boris Kollár is at home and will meet coalition partners to discuss GP vote. Justice Minister shows a new map.

Illustrative stock photo

Roundup: Bratislava’s Old Market Hall hosts Christmas markets

If you have not watched the 'Dracula' miniseries, filmed in Slovakia last year, it is about time.

Bratislava’s Old Market Hall will provide visitors with Christmas vibes in the coming four weeks. Each week, from Wednesday to Saturday, people can do a little bit of Christmas shopping at the venue.

From COVID-19 miracle to apparent resignation to death and dying

The natural reflex of all failed politicians – and their uncritical fan clubs – is to point to cultural or geographical differences between “us” and “them”.

The COVID-19 ward in the University Hospital Martin