Brexit: UK Chamber of Shipping Calls for Free Trade Commission to Support Shipping

The UK Chamber of Shipping says a new Free Trade Commission for the country will support among other things, UK's shipping industry.

In response to last week's decision by the UK to leave the European Union (EU) in the so-called "Brexit" referendum, the UK Chamber of Shipping has issued a call for the government to establish a new Free Trade Commission for the country in order to support, among other things, the country's shipping industry.

"What we need now are cool heads. We've had the political debate, now it's time for rational and strategic thinking," stated the chamber.

The organisation notes that one rationale for the UK to leave the EU was that it would be easier for the country to sign free trade deals with other countries around the world;  "The rest of the world beyond Europe has experienced significant economic growth," the chamber said.

"Government now has to act quickly to ensure that happens."

But it also warned that leaving the European Union "is a process, not an event, and that process has to be managed carefully."

"[UK Prime Minister] David Cameron's decision not to immediately invoke Article 50 is a welcome one, and there should be no rush to do so for his successor. First we must get our chess pieces in place."

The UK Chamber of Shipping says that a new Free Trade Commission should be mobilised through the Department for Business and the Foreign Office, training trade negotiators in order to initiate the process of establishing new trade deals around the world, including those with the remaining EU members.

On Friday, Bob Sanguinetti, CEO and Captain of the Port of Gibraltar, told Ship & Bunker that the UK's decision to leave the EU will not change the importance of Gibraltar as a global port or a world bunkering hub.