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| Brexit will cause 8% drop in exports to the UK by 2018, says Canadian trade chief | Brexit will cause 8% drop in exports to the UK by 2018, says Canadian trade chief |
| (about 3 hours later) | |
| A Canadian trade official said he expects trade with the UK to take a hit due to the uncertainty following UK’s vote to leave the EU. | A Canadian trade official said he expects trade with the UK to take a hit due to the uncertainty following UK’s vote to leave the EU. |
| Bruce Dunlope, vice-president for International Business Development at Export Development Canada (EDC), said the agency has revised down forecasts for bilateral trade with the UK, which is expected to be 8 per cent lower by 2018, as a result of the EU referendum. | Bruce Dunlope, vice-president for International Business Development at Export Development Canada (EDC), said the agency has revised down forecasts for bilateral trade with the UK, which is expected to be 8 per cent lower by 2018, as a result of the EU referendum. |
| Businesses will "put plans on hold until they find out what the terms [of negotiations] look like," he said in an interview with Business Insider. | Businesses will "put plans on hold until they find out what the terms [of negotiations] look like," he said in an interview with Business Insider. |
| Britain is one of Canada’s largest trading partner, with more than £11.5 billion of exports last year. More than 60 per cent of that trade comes from precious metals such as gold and silver. | Britain is one of Canada’s largest trading partner, with more than £11.5 billion of exports last year. More than 60 per cent of that trade comes from precious metals such as gold and silver. |
| Despite the forecast, the outcome of the EU referendum did not deter EDC from setting up a new office in London this week. | Despite the forecast, the outcome of the EU referendum did not deter EDC from setting up a new office in London this week. |
| The agency said it is confident the UK will remain a global gateway for international business despite the short term difficulties. | The agency said it is confident the UK will remain a global gateway for international business despite the short term difficulties. |
| Plans for an EDC UK office were unveiled in early 2015 with the goal to take advantage of the UK’s links to Europe, the Middle East and Africa. | Plans for an EDC UK office were unveiled in early 2015 with the goal to take advantage of the UK’s links to Europe, the Middle East and Africa. |
| In his interview, Dunlope said that the agency took a “long-term” view on the strength of the UK economy and that it was able to see past the destabilising effect of the negotiations surrounding UK’s exit from the EU. | In his interview, Dunlope said that the agency took a “long-term” view on the strength of the UK economy and that it was able to see past the destabilising effect of the negotiations surrounding UK’s exit from the EU. |
| “We consider ourselves a stable, long-term source of capital, so we will often take a much longer view than financial institutions, which might be a little more quarter-to-quarter. We've seen economic crises come and go. This might cause a mini one, with the uncertainty created, but we have lots of confidence in the UK long-term," he said. | “We consider ourselves a stable, long-term source of capital, so we will often take a much longer view than financial institutions, which might be a little more quarter-to-quarter. We've seen economic crises come and go. This might cause a mini one, with the uncertainty created, but we have lots of confidence in the UK long-term," he said. |
| The British government has also expressed an eagerness to expand trade ties once the country formally leaves the EU. | The British government has also expressed an eagerness to expand trade ties once the country formally leaves the EU. |
| “While we have been planning the London representation for a number of years, the circumstances are such that Canadian companies now have an on-the-ground resource to help them manage the Brexit uncertainties,” Mairead Lavery, senior vice-president, Business Development, EDC, said. | “While we have been planning the London representation for a number of years, the circumstances are such that Canadian companies now have an on-the-ground resource to help them manage the Brexit uncertainties,” Mairead Lavery, senior vice-president, Business Development, EDC, said. |
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