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BVI Seeks UK Support Post-Brexit

by Mike Godfrey, Lowtax.net, Washington
06 February, 2017

BVI Premier Orlando Smith said he will be seeking assurances from the UK Government that the territory's interests will be protected following Brexit.

Smith said that at a forthcoming meeting of the United Kingdom Overseas Territories' (UK-OT) Joint Ministerial Council on European Union (EU) Negotiations in London, he will call on the UK Government to include the territory in any new trade arrangements with the EU; ensure freedom of movement for OT citizens across Europe; and maintain financial support to the 11th European Development Fund through 2020 to support OTs' efforts on climate change, biodiversity, and sustainable energy.

"It is critical that the BVI and other OTs are on the UK Brexit agenda to ensure our priorities are taken into account before Article 50 of the Lisbon Treaty is triggered to begin negotiations on Britain's exit from the EU," Smith said.

Premier Smith also said that he will reiterate his call for a new post-Brexit economic partnership between the UK and OTs in which the British Virgin Islands and other territories can be an asset in facilitating UK trade and investment with those emerging markets across the Commonwealth, in Africa, and Asia whose legal systems are based on English common law.

To advance this objective, Smith said he will encourage the UK Government to continue supporting the British Virgin Islands' efforts to achieve recognition by the EU of the territory's legitimacy as an international finance center and its compliance with international standards on tax and transparency.

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