Global trade outlook remains uncertain following Brexit vote

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Uncertainty continues to prevail in the global markets as the world waits to see how the UK's decision to leave the EU will affect international trade.

The UK's decision to leave the European Union has prompted considerable uncertainty across the world's markets in the last few days.

Following months of campaigning, Britain held its referendum on EU membership on June 23rd, with 51.9 per cent of voters opting to quit the economic bloc - defying late predictions that the Remain campaign would win.

The political and economic repercussions in the days since have been extreme. The value of the pound has fallen to its lowest level against the US dollar in 30 years, while the FTSE 100 suffered a £120 billion (€143.77 billion) loss the morning after the vote.

Since then, it has been estimated that the Brexit effect has wiped more than $2 trillion (€1.82 trillion) off the value of global markets, while also claiming the political career of the UK's pro-Remain prime minister David Cameron, who has announced his resignation.

Businesses are now waiting to see what kind of new trade agreements the UK - which has not yet triggered Article 50 of the Lisbon Treaty, the mechanism through which countries can formally quit the EU - is able to negotiate with its European neighbours.

EU leaders have expressed their disappointment with the outcome of the British referendum and are now looking to push for the UK to begin the Article 50 process as quickly as possible, in order to end the uncertainty that is currently undermining global trade.

Jean-Claude Juncker, president of the European Commission, said: "As regards the UK, we hope to have it as a close partner of the EU in the future. We expect the UK to formulate its proposals in this respect.

"Any agreement, which will be concluded with the UK as a third country, will have to reflect the interests of both sides and be balanced in terms of rights and obligations."