Geographies in Depth

What the G20 leaders had to say about Brexit

Leaders pose for a family picture during the G20 Summit in Hangzhou, Zhejiang province, China September 4, 2016.

Britain's decision to leave the EU has been the talk of the summit Image: REUTERS/Damir Sagolj

Simon Torkington
Senior Writer, Forum Agenda
Share:
Our Impact
What's the World Economic Forum doing to accelerate action on Geographies in Depth?
The Big Picture
Explore and monitor how European Union is affecting economies, industries and global issues
A hand holding a looking glass by a lake
Crowdsource Innovation
Get involved with our crowdsourced digital platform to deliver impact at scale
Stay up to date:

European Union

The UK's decision to leave the European Union was a major talking point at the G20 summit in Hangzhou, China.

British Prime Minister Theresa May repeated her mantra, "Brexit means Brexit", which is intended to impart a level of certainty and control over the process of Britain’s withdrawal from the EU.

But the quotes coming out of the meeting emphasize how Britain’s exit will be strongly influenced by other nations. This is how G20 countries have been positioning themselves on Brexit at the summit.

China

 Chinese President Xi Jinping (R) shakes hands with Britain's Prime Minister Theresa May during the G20 Summit in Hangzhou, Zhejiang province, China September 4, 2016.
Image: REUTERS/Damir Sagolj

China’s President Xi Jinping is reported to have raised the prospect of a major trade deal with the UK. After Xi held private talks with Theresa May a Downing Street official said: “He [Xi] said that they wanted to look at how we could strengthen our trading and economic relationship and that China was open to a bilateral trade arrangement with the UK.” China has expressed concern over delays to the decision on a new nuclear power plant in the UK. In July, Theresa May postponed a decision on the $24 billion Hinkley Point project in which China has a large stake.

Japan

Japan's Prime Minister Shinzo Abe listens to the speech of China's President Xi Jinping during the opening ceremony of the G20 Summit in Hangzhou, China, September 4, 2016.
Image: REUTERS/Nicolas Asfonri/Pool

Japan’s government warned that major Japanese companies could move their European head offices out of the United Kingdom. A document released at the G20 by Japan’s foreign ministry said: "It is of great importance that the UK and the EU maintain market integrity and remain attractive destinations for businesses where free trade, unfettered investment and smooth financial transactions are ensured." Car manufacturers Nissan, Honda and Toyota all have major production bases in the UK. Japan’s ambassador to the UK says Japanese companies employ 140,000 people in Britain.

Image: Centre for Economic Performance

United States

President Barack Obama told Theresa May the US would prioritize trade negotiations with the EU and Pacific countries ahead of any potential deal with the UK. The Transatlantic Trade and Investment Partnership (TTIP) with the EU and the Transpacific Partnership (TPP) with 12 Asia-Pacific nations will come before any talks on trade with Britain as a non-EU state.

United Kingdom

Following talks with Barack Obama, Theresa May admitted the UK economy would suffer as a result of the vote to leave the EU. Speaking to reporters, the Prime Minister said: "There will be difficult times ahead. The economy has been better than some predicted post-referendum but I won’t pretend it’s all going to be plain sailing."

  Britain's Prime Minister Theresa May (L) and U.S. President Barack Obama speak to reporters after their bilateral meeting alongside the G20 Summit, in Ming Yuan Hall at Westlake Statehouse in Hangzhou, China September 4, 2016.
Image: REUTERS/Jonathon Earnst

India

The Indian Prime Minister Narendra Modi met Theresa May and, according to a Downing Street official, agreed to look at ways to retain strong trading links after Britain leaves the EU.

Australia

The Australian Prime Minister Malcolm Turnbull is keen to tie up a trade deal with the UK as soon as possible. Mr Turnbull told Theresa May, "Australia is determined to provide Britain with all the support and assistance that we can." After talks with Britain's PM, Malcolm Turnbull told reporters Australia wanted a "very strong, very open free trade agreement."

Don't miss any update on this topic

Create a free account and access your personalized content collection with our latest publications and analyses.

Sign up for free

License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

Share:
World Economic Forum logo
Global Agenda

The Agenda Weekly

A weekly update of the most important issues driving the global agenda

Subscribe today

You can unsubscribe at any time using the link in our emails. For more details, review our privacy policy.

$400 billion debt burden: Emerging economies face climate action crisis

Libby George

April 19, 2024

About Us

Events

Media

Partners & Members

  • Join Us

Language Editions

Privacy Policy & Terms of Service

© 2024 World Economic Forum