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He said the UK Government's intention to sit outside both the Customs Union and the EU Single Market made it impossible to replicate Protocol 3, the current legal basis for the Isle of Man's access to the Single Market. As a result, the island would seek to participate in any deal between the UK and EU, as well as to look for opportunities as the UK negotiates trade agreements with other countries around the world.
Speaking about the opportunities for the Isle of Man, he said: "New markets may open up for us, particularly in our stronger sectors like financial services or e-business. But there will also be risks, centered on the potential loss of trade in agricultural and manufacturing goods, resulting from increased tariff or regulatory barriers."
Quayle said his Government has made reviewing and amending the island's laws a priority over the next two years, as it seeks to manage the effects of Brexit in areas such as customs and immigration.
By Courtesy of Lowtax