Despite an awareness about the campaign to leave the European Union (EU) by the United Kingdom (UK), the global markets showed their vulnerability in the wake of the referendum results on the Brexit of which 51.9% of British voters elected to leave the EU. Worryingly, the economic shocks that were experienced in the EU and the UK have also had repercussion across the world, especially in member states of the Africa-Caribbean-Pacific (ACP) Group.

Furthermore, the potential of less European investments in and trade with the ACP looms large as difficult negotiations and restructuring lies ahead for both the EU and the UK. Noticeably, the Commonwealth has received some attention in the run-up to and in the wake of the Brexit referendum, as it has been presented as a supplement and alternative to the forecasted shocks (political, economic and social) that are expected to strike the UK once its exit from the EU has been finalised and formalise.

Briefing paper by the Institute for Global Dialogue