IoM Lobbies UK for Inclusion in Post-Brexit FTAs
The Isle of
Man's Chief Minister, Howard Quayle, recently said the island is lobbying the
UK Government for inclusion in any new post-Brexit free trade agreement between
the UK and the EU.
He said the UK
Government's intention to sit outside both the Customs Union and the EU Single
Market made it impossible to replicate Protocol 3, the current legal basis for
the Isle of Man's access to the Single Market. As a result, the island would
seek to participate in any deal between the UK and EU, as well as to look for
opportunities as the UK negotiates trade agreements with other countries around
the opportunities for the Isle of Man, he said: "New markets may open up
for us, particularly in our stronger sectors like financial services or
e-business. But there will also be risks, centered on the potential loss of
trade in agricultural and manufacturing goods, resulting from increased tariff
or regulatory barriers."
Quayle said his
Government has made reviewing and amending the island's laws a priority over
the next two years, as it seeks to manage the effects of Brexit in areas such
as customs and immigration.
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