U.K. Suffers Brexit Trade Setback Over Copy-and-Paste WTO Terms
- Liam Fox plan to swiftly replicate EU’s WTO terms has failed
- Government now faces lengthy negotiations with WTO members
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International Trade Secretary Liam Fox said his plan to quickly normalize the U.K.’s World Trade Organization commitments had failed, forcing the government to enter into what will likely be lengthy negotiations with other members on basic terms of trade after Brexit.
It’s a significant blow to the U.K., which was proposing to replicate the European Union’s current WTO trade terms after it leaves the bloc. Without certified WTO commitments on market access and tariffs, it’s still possible for the U.K. to trade but could make it more difficult to strike new trade deals -- which are a key rallying cry among Brexit supporters.