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    Trade rules in the event of a “No Deal” Brexit

    Posted on August 13, 2018 at 6:35 pm
    Posted by BDLouis

    In the event of Britain leaving the European Union without a trade deal in place, World
    Trade Organization (WTO) rules would automatically apply to UK transactions with the EU,
    plus any other country which has a free trade deal with Europe.

    But does this mean higher tariffs and time consuming border checks after Brexit?

    Each of the WTO’s 164 member countries has schedules (taxes on imports and limits on
    quantities) that they apply when trading. EU tariffs are usually lower than WTO charges, but
    under the rules the UK couldn’t reduce these for trade with Europe or any other WTO
    member – the rates would be the same for trade with all countries.

    It’s obviously a very important issue as currently, almost half of the UK’s exports are sent to
    Europe…

    These WTO rules already apply to trade between any of the EU member states (including
    the UK, until 29 March 2019) and a country with which there is no free trade agreement,
    such as the USA, Brazil, China and Australia. However, these larger countries have additional
    bilateral agreements to cover trading with the EU on specific goods and services.

    In terms of product standards and safety regulations, there are currently no EU border
    checks on UK products – but it’s not yet clear whether this would change in the event of a “no deal” Brexit?

    There’s obviously quite a way to go until we know whether Britain will secure a trade deal
    with the EU before the formal separation – however initial details of the withdrawal treaty
    are due to be announced at the EU Summit in October, and we’ll be sure to keep you
    updated with all significant developments.

    Register for our free forum to make sure you don’t miss out.

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