European Textile Industry Will Be Severely Affected By Britain's Influence From Europe

HylkeVandenbussche, a professor of economics at the University of Leuven, Belgium, completed a research report to analyze which EU member industry will suffer the most from "hard off Europe". The report is summarized below:

(I) Belgium: it is estimated that the food manufacturing industry will lose 4500 jobs, that is, 1 people will be forced to lose their jobs for every 20 people, the textile industry will lose 3440 jobs, and the administrative and service industries will lose 4300 jobs. In addition, the petrochemical industry and the pharmaceutical industry expect to lose 1 billion 300 million euros in added value. The government of the Flanders region, one of the three major administrative regions of Belgium, strongly urged the EU executive committee to set up a transitional fund to support the industry of EU members, which is seriously affected by Britain's "hard off Europe". For Belgium as a whole, the United Kingdom will break the euro under the agreement, which will lead to the loss of 10 thousand jobs and the reduction of GDP by 0.58%. "Hard off Europe" will lead to 42 thousand unemployment in Belgium and 2.35% decrease in GDP.

(two) other countries: Romania livestock industry, Hungary machine manufacturing industry, Spanish automobile manufacturing industry, Poland and Czech electronics industry, Italy and Portugal textile industry, German pharmaceutical industry, Denmark beverage manufacturing industry will also be seriously affected.

(three) "hard to get rid of Europe" means that Britain will leave the EU without any agreement with the European Union. For the EU, Britain will become a third country. The future trade between the UK and Europe will apply to a higher MFN rate. In the case of the United Kingdom, if there is an agreement, the United Kingdom and the European Union will continue to apply zero tariffs or enjoy low tariffs when the goods trade between the United Kingdom and the European Union will continue to be applied. But the United Kingdom can control drugs and food by itself and increase other technical or financial regulations. It has already added an important new trade barrier to European pharmaceutical companies. This is the case in. Under the condition of "soft off Europe", it is estimated that the European pharmaceutical industry will reduce 1% jobs. If there is a "hard off Europe", it will reduce 3.7% jobs. The impact of the UK off Europe agreement on the textile industry and food manufacturing industry is quite different. For example, the adoption of "hard off Europe" will cause 6 times more losses than the "soft off Europe".