Unpacking Brexit: how the UK's exit from the EU could change how Utah does international business.

• Author: Madison, Rachel
• Position: Focus

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In a landmark vote that shocked much of the world in mid-June, Britain elected to leave the European Union--a decision no other country in the EU has ever made before. Sure, the British exit--coined Brexit--is uncharted territory for Europe, but the impact of this decision influences much more than just the EU itself. Even in Utah, companies that do business within Britain and the EU are affected.

Ultimately, what does this decision mean for Utah and those companies, and just how much will it affect trade and exports between the Beehive State and the UK?

A state of uncertainty

Derek Miller, president and CEO of World Trade Center Utah, says while there's still a lot more dust to settle, what Utahns do know is that the decision caused a lot of market destruction and political disruptions, with prime minister David Cameron stepping down and Teresa May stepping in.

"What we don't know is how the next two years will play out," Miller says. "There are two different ways this could go."

Miller says the first scenario stems from the hard feelings of other members of the EU, particularly Germany and France, who feel if the UK doesn't want to be a part of the EU, then they don't want the UK to be included.

"The rest of the EU will want the separation to happen more quickly and not have any benefits on the trade side for the UK," he says. "This scenario would mean the EU just severs the UK and says, 'You're going your own way; go work out your own trade deals. We're not going to let you have any of the benefit of being in the EU.'"

The second scenario is what the powers that be in the UK would like, Miller says, which is to have total control over immigration and not be under the thumb of the European Council out of Brussels, which creates commercial regulations the British must live by. However, the UK would also like a uniform set of rules by which trade is done.

"They would like to maintain that firm ground on the trade side," Miller says. "Another option is to take the Norwegian route. Norway is not officially part of the EU, but they do get the benefit of trade relationships and trade agreements."

Lonnie Mayne, president of InMoment, a Utah-based customer experience company with offices in the UK, says it's definitely too early to determine how all of the nuances of Brexit will play out.

"We're still in a state of uncertainty, and during uncertain times, emotion rules," he says. "Consumer confidence, spending and company...