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Answer to Question #53820 in Other Economics for filius lionis

Question #53820
what were the impacts of the European single market act and the EU joint declaration of 1991 on the UK automotive industry. Especially Honda
Expert's answer
For many sections of the British economy, the EU’s Single Market is the defining factor in the debate. By establishing an overarching set of regulatory principles, the Single Market’s four ‘fundamental freedoms’ enable goods, services, people and capital to move between countries within the EU with the same rights as in the home state – in theory maximising all aspects of openness between economies worth a quarter of world GDP in total.
For many sectors – aerospace and automotive, for example – the opportunity that the EU Single Market has created to co-operate with partners in other countries through supply chains has been the foundation of global success.
Common frameworks of regulations and standards for automobiles, pharmaceuticals and electronic equipment have created economies of scale for manufacturers by reducing compliance costs and expanding the size of the market.

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