NEW YORK (GZERO MEDIA) - Brexit will bring greater regulatory impact and higher cost of trade with the world's largest common market, says American political scientist Ian Bremmer in this episode of the World In (More Than) 60 Seconds.
He says that while new deals are supposed to be cut to soften the blow of Britain's loss of automatic access to the European Union (EU), they have not been set in stone yet.
Britain clinched a narrow Brexit trade deal with the EU on Dec 24, seven days before it was set to leave the trading bloc.
"It's not a disaster, but the fact that all these changes are happening immediately, and they are a significant cost primarily on the smaller economy of the United Kingdom and that they're going to have to be borne at a time when the economy's not doing well...this is a big hit, and it's a big hit also on the back of almost five years of uncertainty around the UK."
He also says that London will not be seen as much of a global city with the change, which may benefit New York City in terms of "energy, momentum, ideas and wealth".
"There's in general lots of fragmentation in the world, globalisation and globalism has taken it on the chin. I think this...helps New York City because there is still a desire for financial markets, for global creatives, for talent and wealth to come together in places," he said.
He added that while Tokyo and Beijing are fierce competitors as global cities, the former is much more homogenous, while the latter is in an authoritarian system and a reasonably closed marketplace.
This GZERO media video is being shown here as part of a media partnership agreement with The Straits Times.