Brexit May Hit Cambodia Hard

(UrduPoint News / Sputnik – 04th February, 2019) The fallout fromBrexit will be felt as far as Cambodia, which is expected to be hit the hardest of alldeveloping nations, a think-tank has warned.

The German Development Institute has conducted simulations to assess the impact from the United Kingdom‘s exit from a deal that allows worse-off countries to export goods to the European Union tariff-free.

“The highest losses by far occur in Cambodia, which has the highest dependence on the UK market according to the share of its exports to the UK of 7.7%,” a report published this month reads.

The United Kingdom will revert to World Trade Organization tariffs in trade with the European Unionand countries that are part to the Everything But Arms (EBA) treaty with the bloc, if no deal on their post-Brexit ties is reached by March 29.

The Bonn-based think-tank predicted that changes in the United Kingdom‘s trade regime alone were likely to push the number of those living in extreme poverty in the EBA countries by up to 1.7 million. The overall impact from uncertainty, depreciation, shrinking aid, remittances and investments could be even higher.

Seeing as some smartarse has questioned this source, here’s another link to the same story:

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