In this series of videos from Corrs, Breaking Brexit
Down considers how the UK's momentous decision will affect
the challenges facing your business.
Over the coming weeks we'll bring you insight from Corrs
Partners who'll examine areas ranging from international
arbitration through to competition law, privacy, regulation and
In our opening video, Corrs Partner and CEO John Denton (AO)
takes a closer look at the economic and political landscape and
considers the implications for both global trade and Australian
What are the immediate challenges for the UK, EU and the wider
Will next year's trade negotiations between Australia and
the EU still happen?
What should leaders keep in mind, as the terms of the
withdrawal are negotiated?
Look out for more episodes in this series, as Corrs Partners
consider the key issues which will affect the ways in which
Australian firms and their networks do business.
We'll examine the challenges that will come with the
changes, while also exploring the potential opportunities that
John Denton – Brexit
The challenge we have got now we are speaking about the
implications of Brexit for the UK, for Europe, for the world and
even more particularly for Australia is that no one is quite
certain, okay, so let's be very clear about that. That there is
a lot of speculation, there is a lot of confusion. In many respects
that reflects very much the reality that in the actual debate on
Brexit no one had done the hard yards on how the unwinding would
actually occur and also no one has accepted hard yards on
determining what a future relationship with Europe by the UK will
actually look like. Without clarity over what kind of relationship
the UK wants with the European Union. It is very unclear and it
will remain unclear until that is actually crystallised as to
whether or not we are going to be dealing with a Norwegian type
engagement, a Swiss type engagement, and then of course one of the
challenges that you will see is that the voice that the UK has had
on moderating some of the positions within the European Union on
financial services reform, on privacy reform, on data reform, on
trade issues etc will be diminished because they will not be able
to participate as full members in those discussions.
So therefore, there is a potential challenge for us in
understanding what will all that mean. I am assuming, and this is
an assumption, I acknowledge that, that the moderated view of the
European Union will not be to punish the UK but to seek a sensible
form of engagement post-Brexit but will be able to crystallise much
better what those real challenges will be and frankly I do think
the United States will play a role in this. And yet Australia can
play a role in this as well in seeking to ensure that there is a
level of comity that will exist between the UK and the UE and I
think importantly just try and move away from any kind of emotional
hostility to punish one or the other in this context as well. We
had embarked upon a process to enable a free trade agreement with
the European Union. People take a different view on this. My clear
view is that it will be in our interest to do so and my clear view
is [00:02:32] to be in interest of the European
Union to do, so in many respects that process should continue and
the level of focus may be intensified because that will need to be
grappled with. How we deal with the UK well frankly that should not
be such a complex issue for us. There is a lot of common interests,
a lot of common opportunities.
So that you know we can bedazzle ourselves in paralyse ourselves
with all these complex, this terrible thing might happen etc. In
the end the job of the leadership of the country is it is with an
organisation, is to forge a clear pathway.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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