ABSTRACT
This chapter provides an assessment of both the benefits of the present relationship and the risks and opportunities moving forward as the realities of Brexit crystallize. It offers first a short overview of the United Kingdom Overseas Territories (UKOTs) themselves. The UKOTs have ties with the European Union (EU) under the banner of Overseas Countries and Territories (OCTs). Cooperation in the financial services sector is another important component of the UKOT-EU trade relationship. The Council Decision 2013/755/EU agreement aims to modernize the relationship between the OCTs and the EU, 'moving beyond development cooperation and focusing on a reciprocal relationship based on mutual interests'. The key provisions focus on free access for OCT goods entering the EU; flexible rules of origin; improving the market access of OCT services and investments; cooperation in the area of financial services; and increasing trade capacity in the OCTs.
