UK-EU trade in services after Brexit: new inquiry launched
07 October 2016
The EU Internal Market Sub-Committee has launched a short inquiry on Brexit: Trade in services between the UK and the EU. This will follow on from Committee's short inquiry into Brexit: Future trade between the UK and the EU, which has its last oral evidence session on Thursday 13 October 2016.
Focus of the inquiry
Following the UK's withdrawal from the EU, the Committee will examine what terms of market access key service sectors in the UK would like to have with the EU. Domestically, the services sector dominates the UK economy, contributing around 79% of GDP. The services sector now employs over 25 million people. The EU is the UK's largest export market for services–accounting for 40% of trade.
The inquiry begins with a public meeting on Thursday, 20 October, at which experts will give evidence on how services are traded between the UK and the EU at the moment. Subsequent evidence sessions will focus on the following key sectors:
- Digital and Telecommunications
- Professional Business Services
- Aviation; and
- Creative and broadcasting
No public call for evidence will be issue as part of this inquiry, though the Committee will be interested to receive the views of stakeholders on the issues outlined below. Any submissions should be sent to the Committee, at firstname.lastname@example.org, no later than 31 October 2016.
- What specific issues does the UK exiting the EU raise for different sectors? What opportunities does it provide?
- What would the impact be for different sectors of leaving the EU and trading on WTO (GATS) terms? To what extent would businesses be able to continue to trade in services? How would they adapt?
- Would leaving the EU but remaining a member of the European Economic Area (EEA) retain present levels of market access? Is this an appealing option?
- Is a negotiated UK-EU Free Trade Agreement (FTA) an attractive option, and if so, why? What risks does this present?
- What should the Government’s key negotiating objectives be for each sector?
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