Now many variables has already come into play and the formal process has only just begun. The decision of the UK to leave the EU has a significant impact on the European economy as a whole. This process relates directly to future trading relations between the EU and the UK, but also to the impact on the EU more widely. Worth to mention that some EU agreements may be considered as precedents for BREXIT EU-UK relations, for instance, the agreements with Norway, Canada, Switzerland etc. However, taking into consideration the trade flow between EU and UK, those agreements are not even comparable. Approximately 44% of UK total exports in goods and services go to other EU countries (the USA is a close second). Important to mention that the British Government has declared its intention to pursue a ‘hard Brexit’, extracting the UK fully from the single market and seemingly also the customs union, with a view to pursuing a free trade agreement with the EU. This step is strongly ...