Jersey will seek to replicate its existing relationship with the EU, which was established when the UK joined the EU in the early 70s.
Today, External Relations Minister Sir Philip Bailihache has released a report setting out how that will be achieved. In short, Jersey's objective is to "preserve the substance of the current relationship with the EU as set out in Protocol 3 of the UK Treaty of Accession, and of Jersey's relationship with the UK."
The Island's current relationship with the EU and UK includes: free trade in goods, 'third-country' status for trade in services, de facto monetary union with the UK, free movement between Jersey, the British Isles and Ireland, the right to have employment and housing restrictions for people coming to Jersey, and constitutional autonomy.
Sir Philip said: "It is undoubtedly the case that the UK electorate's decision to leave the EU will change the geopolitical face of Europe, and the extent of these changes is difficult to foresee. There will certainly be challenges ahead. But Jersey is in a relatively strong position. The Ministry of External Relations is leading in the protection of Jersey's interests internationally, working in cooperation with Guernsey and the Isle of Man.
"Most importantly, we will continue to engage intensively with the EU Commission and with ministers of the UK government and their officials, as they negotiate the UK's withdrawal from the EU, and a new relationship with Europe and the global community."
The report concedes that the Island will not be immune from the current political and economic uncertainly, and there will be negative consequences, but it also talks of "cautious optimism".
This is based on several factors, including Jersey already being outside of the EU (except for the single market in goods) and the strength of the Island's strategic reserve.
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