42259
WTO Head Warns on Trade Impact of Brexit
World Economy

WTO Head Warns on Trade Impact of Brexit

Leaving the European Union would cost British consumers £9 billion ($13.2 billion) in annual additional import tariffs, World Trade Organization chief Roberto Azevedo said in an interview published by the Financial Times on Wednesday.
Britain’s exports would be also burdened with £5.5 billion of new tariffs in overseas markets, the paper said, and leaving the EU would require a full reboot of Britain’s trade relations, akin to joining the WTO from scratch, CNBC reported.
That would mean renegotiating the terms of trade with 161 WTO members, and losing the low-tariff or tariff-free access to 58 countries covered by 36 EU trade agreements.
“It is extremely difficult and complex to negotiate these trade agreements. And slow as well,” he said. “Even if you are in a position to negotiate quickly with all these other members, it doesn’t mean that they will be in a position to negotiate with you because they have their own priorities.
Britain could opt to simply scrap all trade barriers and turn its economy into a duty-free state, but that was unlikely, Azevedo said.
Campaigners who want Britain to leave the EU say it would be able to strike its own trade deals more quickly with countries around the world if it was no longer part of the 28-nation bloc.

 

Short URL : http://goo.gl/sDb1DU
  1. http://goo.gl/lwHFjI
  • http://goo.gl/02rWB1
  • http://goo.gl/njpRVO
  • http://goo.gl/lyXGGu
  • http://goo.gl/ndI34f

You can also read ...

Business confidence fell to its lowest level since August 2013 and around 7% of companies expected a contraction.
According to data from the International Monetary Fund in...
China Warned of Ballooning SOEs
Former chief of the World Bank Robert Zoellick cautioned China...
New Zealand Q2 GDP Growth Picking Up
New Zealand’s economic growth is expected to have accelerated...
Shrinking unemployment in the US, Japan and the eurozone finally forces companies  to lift wages to retain and attract staff.
Workers in the world's richest countries are getting their...
Saudi Sovereign Fund Secures $11 Billion Loan
Saudi Arabia's sovereign wealth fund said Monday it had...
Lira Eases Against Dollar
Turkey’s lira weakened against the dollar on Monday as...
Myanmar Businesses Want Lower Taxes
Myanmar businesses are urging the government to lower the...
By 2025 more than half of all current workplace tasks  will be performed by machines.
Robots will handle 52% of current work tasks by 2025, almost...

Trending

Googleplus