Shipping Not That Affected by UK’s Deal with EU

Image Courtesy: UK Chamber of Shipping

The impact of the UK’s agreed deal with the European Union on the reformed membership of the UK to the EU as released on 19 February 2016 is not significant for the shipping and maritime industry, according to the UK’s Chamber of Shipping.

The deal, passed by the European Council in agreement with all 28 Member States, addresses economic governance, competitiveness, sovereignty, and immigration. Inter alia, it recognises the UK’s position outside the Eurozone, its intention not to join and removes any obligation on non-Euro Member states to contribute to budgetary emergency or crisis measures to protect the Euro’s stability.

As disclosed, the Chamber’s concerns regarding the importance of the single market, the need for greater focus on competition, the removal of the remaining trade barriers, the securing of free trade deals, and the implementation of regulation where necessary rather than where possible have cosmetically been addressed in the draft deal, the Chamber said.

However, there no substantive measures other than those already encompassed by the EU’s existing policies.

Several concerns remain with respect to whether the deal will be legally binding and irrevocable.  Nevertheless, there are some positive hints in the area  of competitiveness and reducing regulatory burden with respect to the shipping industry, the Chamber said.

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