Morocco could lose nearly $100 million with hard Brexit

Morocco, Tunisia and Egypt could lose millions in exports if the UK leaves the EU without an exit deal, according to a UN study.

MENA

1 min read

The New Arab & agencies

14 April, 2019

UK lawmakers have struggled to agree on an EU exit deal [Getty]

Morocco could lose as much as $97 million in exports if the UK leaves the European Union without an exit deal, according to a recent UN study.

The study also found that a 'no deal' Brexit could cause Tunisia to lose out on $49 million and Egypt by $41 million.

A UK referendum in 2016 on EU membership set the UK on course to leave the continental bloc, however British lawmakers are still wrangling over the move's fine details.

The UK was supposed to leave the EU on 29 March, however Brexit has now been postponed twice, with a current deadline of 31 October. Parliament remains deadlocked over whether to approve the government's divorce deal with the bloc, with a small minority of British lawmakers pushing for a 'no deal' exit from the union.

According to the UN Conference on Trade and Development, a 'no deal' scenario would cause as much as $420 million in export losses for 20 African states.

The UN study also revealed that the exports of 11 other African countries will increase by $3.66 billion, with South Africa, Mauritius, and Botswana set to benefit most from this situation.