The U.K. will apply to rejoin the Government Procurement Agreement, a $1.7 trillion trade accord that governs global appropriation rules, since it will lose its membership after Brexit in March. U.S. negotiators have told their British counterparts that their application is outdated and needs to be revised, said the officials, who asked not to be identified because talks are ongoing.
If blocked from the pact, U.K. companies such as Rolls-Royce Holdings Plc and Serco Group Plc could lose access to members’ procurement processes, including the $837 billion U.S. market. The U.K. will ask GPA participants to provisionally approve its final offer to join the accord during an Oct. 17 meeting, where any member can block the accession bid. The British side would still have time to improve its offer to allay members’ concerns.
A majority of the accord’s members “support the U.K. continuing to be a part of it after we leave the European Union, which is in everyone’s interest,” according to an emailed statement from a spokesman for the U.K.’s Department of International Trade. “The U.K. is a huge part of this agreement and our continued membership will allow companies from other countries to maintain access to U.K. contracts worth 68 billion pounds a year.” [...]
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