The Brexit agreement reached by the European Union (EU) and the United Kingdom hours before Christmas Eve has allowed Spain, as detailed this Wednesday by the Secretary of State for Commerce, Xiana Méndez, avoid a fall of 0.17% for GDP, 0.10% for employment and 0.28% for private consumption.
On the same day that the President of the Commission, Ursula von der Leyen, the President of the Council, Charles Michel, and the British Prime Minister, Boris Johnson, have signed the text, which will enter into force from 1 January, The secretary of the ministry has acknowledged in an informative meeting that Brexit will have an impact on the Spanish economy, but that this will be insignificant considering that the threats of controls in customs and tariffs on Spanish products are eliminated. “Ourhe estimate is that the impact is very low, and rather in terms of administrative cost, not in terms of market loss “, he stated, specifying that it will take time to really analyze the final consequences.
Meanwhile, among the most positive elements of the agreement reached, Méndez has indicated the fulfillment of the fundamental objective for European and Spanish companies in the field of merchandise trade of “zero tariffs and zero quotas”, which guarantees future competitiveness in the British market in the event that the United Kingdom enters into preferential agreements with other trading partners.
From the Government of Spain, Méndez emphasizes, it is clear that there is no sector that can totally avoid the consequences of the United Kingdom’s exit from the common market, but, on the contrary, there is a certain tranquility taking into account that the conditions reached in the The pact are very positive for very “sensitive” sectors such as the Spanish garden (fruits, vegetables and vegetables), as well as for those for which the British market is part of their production chains, such as the automobile or pharmaceutical market.
The Secretary of State for Commerce also recalled that there will be customs procedures that were not necessary before, but that they will not entail a high cost for companies beyond having to familiarize themselves with them if until now they have not exported to third countries outside the community market.
More negative on services
For its part, in the services sector, it considers that the agreement is less beneficial for the parties, although it will not be necessary to settle in the country in which it operates and mobility is guaranteed for professionals, who will be able to enjoy longer periods of stay. long compared to those established in other trade agreements such as the EU with Japan or Canada.
Thus, the area referring to trade in services contemplated by the signed agreement “is not so ambitious and it is perhaps where it is lost the most”, Méndez admitted, noting the particularly significant weight of these in the Spanish trade balance with the United Kingdom, something that has attributed to the British “low degree of ambition” in this regard from the beginning. However, ambitious clauses have been introduced for some services that are of interest to Spain, such as telecommunications, transport or financial, legal or environmental services.
In his view, the United Kingdom loses more in this regard due to its dominant position in the financial services field, which it risks losing by ceasing to be a Community operator, although the agreement lays the foundations for a future approach to strengthened financial cooperation.
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