Brexit could damage UK aerospace says report

The body of cross-party politicians said given the concerns, U.K. negotiators should secure a “near frictionless” trade deal for the sector to avoid disruptive border delays.

The report further explained which the U.K. aerospace industry is usually trade-oriented with annual exports approximately totaling $15 billion each year in addition to imports worth around $14 billion.

Regulatory alignment with the EU is usually also sought by the lawmakers, who called on the United Kingdom to remain a member of the European Aviation Safety Agency (EASA). EASA dictates safety rules in addition to certifies parts across Europe, helping to lower costs of certification in addition to enhance integration within the industry.

“Close global regulatory alignment in aerospace has resulted in benefits in terms of safety, the ease of global trade in addition to efficiency, while which is usually unclear which there are any benefits via divergence at which time,” the report said.

In a speech earlier which month, U.K. Prime Minister Theresa May said her government might explore the terms on which Britain could remain part of EASA.

The EU said Monday which which has agreed on the broad terms of the two-year transition period after the U.K. exits Europe on March 29, 2019.

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