The Benefits Of The European Single Market

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To start with, what is the meaning of the Single Market? According to European Commission website, Single Market indicates the EU as one territory that has no internal borders or any other controlling complications that lead to the free movement of booth services and goods (The European Single Market - European Commission, 2017). According to the same source, single market has great benefits. It encourages competition and trade, increases efficiency, promotes quality, as well as helps in cutting the prices. In addition, the same source considers the European Single Market as one of the EU’s ultimate accomplishments that powered the economic growth and made the everyday life of European businesses and consumers easier (The European Single Market - European Commission, 2017).
On the other hand, UK is playing a major role in the single market. Thus, by leaving this market, UK …show more content…

On the other hand, the UK can set its own MFN tariffs on imports. The UK could adopt to reduce its import tariffs below the levels of EU in order to lower import costs for UK consumers and companies. This will result on increasing the competition played by businesses run in the UK (Sampson, Dhingra and Sampson, 2017). In addition, the same article, states that there is a limited scope for further tariff decreases. According to the World Bank, the tariff rate of the EU (applied and weighted mean for all products) is 1.5% (Word Bank, 2017). Also, if UK goes for this it will require more harmonising polices, regulations or product standards across countries. Achieving this level of business requires international agreements with different countries. The overall effect of Brexit is still estimated to be negative (Dhingra and Sampson, 2017 4-5). These circumstances make it very difficult for the UK to reduce tariff rates, yet

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