LISBON \u2014 Portuguese exports to the United Kingdom could fall by over a quarter because of Brexit, wiping up to 1 percentage point off the countrys economy, according to a study from the Confederation of Portuguese Business (CIP).<\/p>\n
Speaking at the launch of the report, Foreign Minister Augusto Santos Silva assured business leaders the government is working to minimize the Brexit impact. He expressed hope a deal with the U.K. could be struck by the time European Union leaders meet for a crucial mid-December summit.<\/p>\n
\u201cOur top priority is to do all that we can to make sure that the United Kingdoms exit from the European Union is an agreed and orderly exit,\u201d he said. \u201cWere not going to wait for a perfect agreement. No agreement is the worst option, any agreement is better than that.\u201d<\/p>\n
The report will be welcomed by many Brexit-supporters in the U.K. who have long argued that Britain has significant leverage in negotiations with the EU because it is not in either sides interest for the U.K. to crash out with no deal. It comes as negotiations enter their final stages, with time running out to rectify any deal agreed between the U.K. and the rest of the bloc before Britain is scheduled to leave in March 2019.<\/p>\n
The U.K. is Portugals biggest market for service exports and fourth largest for goods. Total exports reached \u20ac8.3 billion in 2016, according to figures in the business association study. It estimates exports will fall by between 15 and 26 percent in the years after Brexit, cutting between 0.5 and 1 percent of gross domestic product.<\/p>\n
\n\u201cThis is not about them leaving our house; its about finding a new house where we can live together\u201d \u2014 Augusto Santos Silva, Portuguese foreign minister<\/em><\/p>\n<\/blockquote>\n
\u201cIts going to have negative economic consequences for everybody,\u201d said Ant\u00f3nio Saraiva, president of the confederation, which represents over 114,000 Portuguese businesses.<\/p>\n
The CIP report recommends government and industry step up efforts to promote Portugal in the British market, particularly for sectors most at risk such as tourism, electronics and the auto industry.<\/p>\n
Business leaders expressed cautious optimism Brexit could prove positive for some Portuguese companies if it limits access to EU markets for British competitors.<\/p>\n
\u201cBrexit will generate opportunities that could be seized by Portuguese companies given that, with Brexit, the United Kingdom will have more difficulties importing and exporting to and from other European Union countries,\u201d said CIP in a statement.<\/p>\n
Santos Silva said any agreement on Brexit terms should include guidelines for a longer-term relationship between the U.K. and the EU that minimizes trade barriers and maintains the closest possible political ties.<\/p>\n
\u201cWithin what the United Kingdom wants, the best solution would be a free-trade agreement like that with Canada, but further deepened,\u201d the minister said, adding that the future relationship should include strong political, diplomatic, defense, security and justice cooperation.<\/p>\n
\u201cIf Brexit can be compared to a divorce, its a very special divorce because were getting divorced now so we can immediately get into a new relationship,\u201d Santos Silva concluded. \u201cThis is not about them leaving our house; its about finding a new house where we can live together.\u201d<\/p>\n
Read this next: Dominic Raab: Brexit deal could be done by November 21<\/a><\/em><\/h2>\n","protected":false},"excerpt":{"rendered":"
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