• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
LeadershipBrexit

The EU Won’t Discuss Trade With the U.K. Until Brexit Happens

By
Nash Jenkins
Nash Jenkins
and
TIME
TIME
Down Arrow Button Icon
By
Nash Jenkins
Nash Jenkins
and
TIME
TIME
Down Arrow Button Icon
July 1, 2016, 5:05 AM ET
BRITAIN-EU-POLITICS
A boat decorated with flags and banners from the 'Fishing for Leave' group that are campaigning for a 'leave' vote in the EU referendum sails by the British Houses of Parliament as part of a "Brexit flotilla' on the river Thames in London on June 15, 2016. A Brexit flotilla of fishing boats sailed up the River Thames into London today with foghorns sounding, in a protest against EU fishing quotas by the campaign for Britain to leave the European Union. / AFP / NIKLAS HALLE'N (Photo credit should read NIKLAS HALLE'N/AFP/Getty Images)Photograph by Niklas Halle'n — AFP via Getty Images

The head of trade for the European Union says that the U.K. will not be entitled to negotiate its place at Europe’s economic table until it makes good on its apparent commitment to leave the EU.

“First you exit, then you negotiate,” Cecilia Malmstrom, the Swedish official who serves as the European Commissioner for Trade, told the BBC.

 

Malmstrom’s words reveal a harsh reality for the U.K., which will need up to two years to fully abandon its EU membership. Negotiating a trade agreement thereafter could take far more time, considering that Canada’s trade pact with the EU took seven years to finalize. Per EU strictures, the U.K. is also not allowed to negotiate trade matters with outside nations until it is no longer an EU member.

Malmstrom said she was “saddened” by the result of last week’s referendum, in which 52% of voters went in favor of Brexit, but “the vote was very clear.”

This article is published in partnership with Time.com. The original version can be found here.

About the Authors
By Nash Jenkins
See full bioRight Arrow Button Icon
By TIME
See full bioRight Arrow Button Icon

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

Enbridge CEO Greg Ebel at the CERAWeek by S&P Global conference in Houston on March 25, 2026.
Energypower
Enbridge aims to help North America win from the AI boom and the Iran war as the FedEx of energy delivery
By Jordan BlumMay 4, 2026
3 minutes ago
jason corso
Commentarydisruption
AI models are choking on junk data
By Jason CorsoMay 3, 2026
18 hours ago
He started as a part-time Starbucks barista at 17. Now he’s an exec designing the menu
SuccessCareer Advice
He started as a part-time Starbucks barista at 17. Now he’s an exec designing the menu
By Orianna Rosa RoyleMay 3, 2026
18 hours ago
The Diary of a CEO founder Steven Bartlett
SuccessThe Interview Playbook
Diary of a CEO founder says he hired someone with ‘zero’ work experience because she ‘thanked the security guard by name’ before the interview
By Emma BurleighMay 3, 2026
19 hours ago
Sam Altman speaks into a microphone
AILabor
Sam Altman says the quiet part out loud, confirming some companies are ‘AI washing’ by blaming unrelated layoffs on the technology
By Sasha RogelbergMay 3, 2026
19 hours ago
blake
CommentaryHousing
I spent a decade selling homes to the ultra-wealthy. What I saw explains the housing market’s nepo problem
By Blake O'ShaughnessyMay 3, 2026
20 hours ago

Most Popular

America got rich and got sad. A top economist says 2020 broke something that hasn't healed
Economy
America got rich and got sad. A top economist says 2020 broke something that hasn't healed
By Nick LichtenbergMay 3, 2026
20 hours ago
Scott Bessent on financial literacy: 'it drives me crazy' to see young men in blue-collar construction jobs playing the lottery
Personal Finance
Scott Bessent on financial literacy: 'it drives me crazy' to see young men in blue-collar construction jobs playing the lottery
By Fatima Hussein and The Associated PressMay 1, 2026
3 days ago
Sam Altman says the quiet part out loud, confirming some companies are ‘AI washing’ by blaming unrelated layoffs on the technology
AI
Sam Altman says the quiet part out loud, confirming some companies are ‘AI washing’ by blaming unrelated layoffs on the technology
By Sasha RogelbergMay 3, 2026
19 hours ago
Diary of a CEO founder says he hired someone with 'zero' work experience because she 'thanked the security guard by name' before the interview
Success
Diary of a CEO founder says he hired someone with 'zero' work experience because she 'thanked the security guard by name' before the interview
By Emma BurleighMay 3, 2026
19 hours ago
I spent a decade selling homes to the ultra-wealthy. What I saw explains the housing market's nepo problem
Commentary
I spent a decade selling homes to the ultra-wealthy. What I saw explains the housing market's nepo problem
By Blake O'ShaughnessyMay 3, 2026
20 hours ago
Gen Z is rebelling against the economy with ‘disillusionomics,’ tackling near 6-figure debt by turning life into a giant list of income streams
Economy
Gen Z is rebelling against the economy with ‘disillusionomics,’ tackling near 6-figure debt by turning life into a giant list of income streams
By Jacqueline MunisMay 2, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.