Meanwhile the New Brunswick Minister for Trade Policy is not expecting a significant impact in either the short or long term for the UK exit from the European Union.
Roger Melanson says while the United Kingdom is the most important trading partner the province has in Europe, it is only about 8% of our exports worth around $1 billion.
He says there’s no need to panic about the results of the vote.
“There’ll still be trade happening, consumers will still be purchasing products in the UK, suppliers, New Brunswick, Canadian companies will still be exporting goods,” says Melanson. “But what format that’s going to take, that still needs to be defined.
Melanson expects a process to manage trade relations between the EU and the UK will become clear.
“We don’t see any short term impact in terms of trade, there’s a process that will be put in place by the EU,” says Melanson. “And we will through the federal government monitor this closely, we will certainly inform New Brunswick companies if there’s any changes, and what they could be.”
Melanson says it is still early to say what the long term impacts are likely to be but doesn’t anticipate serious problems.
