|
|
In a move that sets the scene for two years of intense negotiation with the 164-member body, the International Trade Secretary said the UK would seek to replicate as far as possible its current obligations to the WTO.
Britain’s membership of the global trade regulator is currently governed by its participation in the EU, which makes commitments on trade tariffs and quotas on behalf of all its 28 member nations.
But after the UK leaves the bloc it will need to have in place its own schedule of WTO commitments as the baseline from which to negotiate trade agreements with governments around the world.
Whitehall officials say Mr Fox’s announcement is an essential part of the process of leaving the EU. They said it does not presage the outcome of the eventual UK-EU trade arrangements or have any bearing on whether the UK leaves Europe’s customs union.
“This is necessary and beginning this process now will minimise any disruption,” said an official at the Department for International Trade. “This is preparatory work we are required to undertake. We are aiming to have the schedules in place when we leave. We want to provide a degree of certainty.” [...]
Full article on Financial Times (subscription required)