TIA Statement on UK Vote to Leave the European Union (“Brexit”)
On June 23rd, the United Kingdom voted to withdraw from the European Union (commonly referred to as “Brexit”). Although it will take at least two years for the UK to formally leave the EU, many industry stakeholders are already wondering how Brexit will impact their companies.
EU laws will continue to apply in the UK until the official exit, including regulations that apply to toys sold in the British market. When Britain withdraws from the EU, there will likely be implications for U.S. businesses engaged in the transatlantic market, although those consequences are currently unclear as they are dependent on the outcome of UK-EU negotiations. Experts predict that Brexit may impact the UK’s product regulatory landscape, US-UK-EU trade and investment flows, tariff rates, Transatlantic Trade and Investment Partnership (TTIP) talks, and more.
As negotiations unfold, the Toy Industry Association (TIA) is committed to working closely with colleagues at the British Toy & Hobby Association and Toy Industries of Europe to monitor developments, communicate to members, and minimize Brexit’s ultimate impact on toy companies on both sides of the Atlantic. TIA members will be kept apprised of developments.