ZIMBABWE stands to lose at least 5% of its yearly exports to the United Kingdom in the case of Britain leaving the European Union without a deal, a new United Nations agency report has shown.
According to the Zimbabwe National Statistics Agency, the country exported goods worth US$3 045 963 last year, up from US$1 349 211 in 2017, while Zimbabwe imported US$226,18 million worth of goods, up 66,24% from the 2017 comparative of US$136,05 million.
Zimbabwe’s exports to the UK include diamonds, mange tout peas, black fermented tea, oranges, unmanufactured tobacco, fresh avocados, sculptures, fresh peaches, fresh nectarines, fresh raspberries and passion fruit, among others.
An orderly Brexit would allow a transition period during which Britain would be allowed to renegotiate existing trade agreements while a no-deal Brexit means the UK would leave the EU with no agreements in place.
“A no-deal Brexit would significantly alter the market conditions in the United Kingdom both for both developing and developed countries.“In such a case, countries which were enjoying preference because of agreements (including other European Union countries) will find themselves in a disadvantageous position as they would then face the MFN (most favoured nation) tariffs,” reads the The United Nations Conference on Trade and Development report.
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