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UK, EU intend to preserve WTO status in wake of Brexit split
THE European Union (EU) and the United Kingdom have submitted a joint letter to the World Trade Organization (WTO), emphasising their willingness to preserve existing levels of market access to other WTO members and to "minimise disruption to trade" in light of the UK exiting from the European Union.
"The UK's withdrawal from the EU has implications beyond the EU and the UK's bilateral relationship. The EU and the UK acknowledge the need for clarity and predictability towards their trading partners in the multilateral trading system," the two entities stated in the joint letter, reported American Shipper.
The UK acknowledged that it will have its own separate schedules of commitments for goods and services upon leaving the EU in March 2019 as well as to replicate its obligations under the current commitments of the EU.
Regarding the maintenance of existing market levels, both parties said that, "the future EU's (excluding the UK) and the UK's (outside the EU) quantitative commitments in the form of tariff-rate quotas be obtained through an apportionment of the EU's existing commitments, based on trade flows under each tariff-rate quota."
The two entities agreed to work together to establish separate service schedules in the UK and to determine the remaining commitments to the EU once the UK formally splits from the EU.
"The UK's withdrawal from the EU has implications beyond the EU and the UK's bilateral relationship. The EU and the UK acknowledge the need for clarity and predictability towards their trading partners in the multilateral trading system," the two entities stated in the joint letter, reported American Shipper.
The UK acknowledged that it will have its own separate schedules of commitments for goods and services upon leaving the EU in March 2019 as well as to replicate its obligations under the current commitments of the EU.
Regarding the maintenance of existing market levels, both parties said that, "the future EU's (excluding the UK) and the UK's (outside the EU) quantitative commitments in the form of tariff-rate quotas be obtained through an apportionment of the EU's existing commitments, based on trade flows under each tariff-rate quota."
The two entities agreed to work together to establish separate service schedules in the UK and to determine the remaining commitments to the EU once the UK formally splits from the EU.
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