Europe and Britain's car industries called on Monday on the two sides to urgently clinch a free trade agreement, warning that a disorderly Brexit would cost the sector 110 billion euros ($130 billion) in lost trade over the next five years.
BRUSSELS - Europe and Britain’s car industries called on Monday on the two sides to urgently clinch a free trade agreement, warning that a disorderly Brexit would cost the sector 110 billion euros in lost trade over the next five years.
Less than four months before a post-Brexit transition period ends in December, Britain and the European Union’s talks on a trade deal for 2021 onwards have been plunged into crisis, after Britain tabled a plan to break the divorce treaty both sides signed in January. Associations that signed the statement included SMMT, the European Automobile Manufacturers’ Association, the European Association of Automotive Suppliers and Germany’s Association of the Automotive Industry.
The tariffs, of 10% for cars and up to 22% for trucks and vans, would “almost certainly” need to be passed onto consumers, the associations said.
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