June 29, 20163E Global Research Team
The historic referendum vote on 23 June 2016 by the public in the United Kingdom (UK) (which includes England, Scotland, Wales, Northern Ireland, and Gibraltar) on whether the UK should remain in the European Union (EU), otherwise known as “Brexit,” has sparked many concerns in businesses operating in Europe and the UK. The future of many political, trade and commerce issues between the UK and the EU will remain unsettled until the former’s formal initiation of Article 50 procedures under the Treaty on European Union (“Withdrawal of a Member State from the EU”) and the related negotiations. However, it is clear now that if Brexit does occur – and the UK does leave the EU – companies, especially importers of chemicals and chemical products, must have a proactive strategy to handle the commerce and regulatory impacts of the UK's departure from the EU.