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Brexit - turbulence in the world market waits

After yesterday's referendum, it stands clear that Britain will leave the EU cooperation, a development which may affect Swedish export companies. Britain is Sweden's fourth largest export market and the news that Britain has voted to leave the EU cooperation is likely to cause great concern in the European market for a long period.

"It is unfortunate that one of our most important partners in the EU chooses to leave the union. Apart from being an important trading partner, the United Kingdom is a close ally when it comes to power issues within the EU and both our countries has been standing outside the single currency. A shockwave runs through the wider European cooperation and the immediate future will be characterized by great uncertainty”, says Lena Sellgren, Chief Economist at Business Sweden.

Britain is Sweden's fourth largest export market and one of Europe's fastest growing economies. With about 1000 established Swedish subsidiary in the country the prevalent perception of Swedish products and services are very good and the demand has been strong in recent years. Britain now has two years to negotiate its withdrawal and it will take even longer to negotiate new trade agreements.

Sweden and the UK share a long trading tradition, benefiting from geographical and cultural proximity, low language barriers and a clear regulatory framework that makes it easy to do business. The potential is also reflected in export statistics where Sweden's exports to the UK increased by an average of 4 percent annually since 2010.

"Now we are entering a period of great uncertainty. In the short term there will be no changes, but in the long term, new trade agreements change the playfield. Our focus is now set on helping Swedish companies in the UK with relevant information that allows for informed decisions for the future", says Fredrik Häggström, Trade Commissioner at Business Sweden in London.

Business Sweden has had a presence in London since January 1973 and the office currently consists of twelve employees that cover the UK and Ireland. With solid local experience, broad expertise and a well-established network Business Sweden has a long history of helping Swedish companies to establish
and grow in the UK market.

24 June 2016