The consequences of Brexit on the regulatory competition and the approximation of commercial contract law in Europe

The impact of Brexit on the law governing transnational commercial transactions will depend upon the model legal framework which will be adopted between the European Union (EU) and the United Kingdom (UK). Until an agreement is reached, if any, as to the shape of this new regulatory framework, commercial actors may be confronted with legal uncertainties vis-à-vis performance and enforcement of their existing and future commercial agreements. From a broader perspective, Brexit will indubitably have other, wider legal implications outreaching the legal uncertainties for the validity and enforcement of private cross-border commercial agreements. Particularly, this paper proposes to discuss and evaluate the legal consequences of Brexit for the modernisation of the laws governing cross border commercial transactions for both the UK and the EU. It argues that a departure of the UK from the EU may reduce legal reforms opportunities by adversely weakening legal competitivity and approximation of law endeavours in Europe. Ultimately, this paper proposes a reflection on whether Brexit may fundamentally challenge the transnationalisation of commercial laws phenomenon which may spark a significant turning point for its future trajectory