Athens, Tuesday, 8 November 2022
By Angelos C. Tsigkopoulos, Publisher, The Decision Maker
Sponsored by Luxury Transfers, recognised Most Reliable Transport Services, London 2023
Throughout history, the United Kingdom and Greece have maintained close cultural, economic, and diplomatic links.
Cultural and Historical Links
Greece and the United Kingdom share a rich cultural and historical history that can be traced back many centuries. Greek culture had a profound impact on many facets of Western civilisation, including politics, literature, philosophy, and art.
One important component of the two-way connection is tourism. Both nations have robust tourism industries, and people from both frequently visit the other for vacation and cultural exchanges. Athens, Santorini, Mykonos (Greece), London, Edinburgh, and Oxford (UK) are popular tourist destinations.
Commerce and Finance
Greece and the UK have always had significant trade links. Partnerships and trade agreements strengthen the economic ties. Shipping, textiles, electronics, machinery, and agricultural products are important trade sectors.
Security and Defence Collaboration
Greece and the UK have strengthened their defence and security cooperation by joining NATO. Both nations collaborate within the NATO framework to address security issues and support alliance initiatives.
Brexit, or the UK's exit from the European Union (EU), has had a substantial influence on the relationship between Greece and the UK in a number of ways.
Economic and Trade Relations
Trade relations between the two countries have changed as a result of the UK's exit from the EU. Trade between the UK and Greece was formerly made easier by the EU's single market and customs union while both countries were members. New trade agreements and customs regulations have been implemented in the wake of Brexit, which may have an impact on trade volumes and procedures.
A New Trade Pact
To manage their economic ties after Brexit, the UK and Greece have drafted a new trade agreement. The goal of this agreement is to minimise interruptions while preserving trade flows. It addresses a number of trade-related topics, such as rules, quotas, and tariffs.
Logistics & Supply Chains
Supply chains and logistics have been influenced by modifications to border checks and customs processes. The seamless movement of products between the UK and Greece may be hampered by extra paperwork and possible border delays, which might have an impact on costs and efficiency.
Travel and Tourism
Citizens of both the UK and Greece are frequent travellers to each other's countries. Brexit has resulted in modifications to travel laws, affecting things like visa requirements and duration of stay, which could have an impact on traveller experiences and tourist trends.
Rights of Citizens
It has been a top priority to guarantee the rights and safeguards of British nationals residing in Greece and vice versa. Following Brexit, the UK and Greece have taken action to preserve residents' rights and offer legal stability.
Accounting and Finance
Financial services have been impacted by Brexit, particularly the passporting rights that let UK-based financial firms to conduct business within the EU. The effect on financial services affects investing, banking, and insurance activities that are conducted between the two nations.
Regulations in the UK and Greece may differ or align depending on the UK's autonomy to establish its regulatory framework outside of the EU. Trade standards and product compatibility may be impacted by this.
Negotiations and Geopolitical Aspects
Brexit may potentially change Greece's and the UK's strategic aims and diplomatic agendas. They might review their defence cooperation, foreign policy, and wider international involvement in the context of the UK's new non-EU status.
Collaboration Between Research and Innovation
Research and innovation collaboration could be impacted, especially if the UK is not allowed to participate in EU financial programmes. Nevertheless, bilateral research collaborations and projects can still be established between the UK and Greece.
It's crucial to remember that as both nations adapt to new frameworks, negotiate more agreements, and evaluate the effects on various sectors, the full impact of Brexit on the relationship between the UK and Greece may change over time. Sufficient communication and proactive collaboration will be crucial for effectively managing the partnership in the aftermath of Brexit.