Some 20 countries, including the United States and China, are reportedly trying to prevent Britain from agreeing a fast-track deal with the World Trade Organization (WTO) on its post-Brexit terms of trade, The Independent wrote. Britain’s International Trade Secretary Liam Fox admitted that several WTO members had “reservations” about London’s desire to enjoy terms similar to what it has as a member of the European Union. © AP Photo / Fabrice CoffriniBy Filing for Divorce at WTO, 'UK Making its Way to Exit Door of EU' - ScholarBeing a full member of the WTO, Britain will have to negotiate separately with member states over the limits on the amount of goods to be allowed into the United Kingdom and the import tariffs it will set post-Brexit. The negotiations will not be easy as countries around the world would either loose or gain depending on how EU … [Read more...] about US, China Among 20 States Blocking UK’s Bid to Fast Track WTO Deal – Reports
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Twenty-seven countries have raised concerns about Britain's future trading terms at the World Trade Organisation, trade sources in Geneva said on Friday, in a move that could delay post-Brexit free trade deals. The WTO in Geneva -- which has 164 countries as members -- is where countries negotiate the rules of international trade and settle disputes. Although Britain is a member outright, for decades the EU has represented the UK at the WTO. But Brexit means the UK has to separate its trade rules from the EU if it wants to act with more independence. As March approaches -- Britain's Brexit leave date -- the UK has pushed to essentially replicate the WTO rules it currently follows as an EU member, with some technical changes. But trade sources have told AFP that 27 countries have "raised concerns" about the plans, particularly regarding agriculture tariffs and quotas, as well as other issues. The move has been described as a "welcome to reality" moment for the UK, by analysts. … [Read more...] about 27 countries raise concerns at WTO over Britain’s post-Brexit trade plans
A no-deal Brexit could cost young people as much as £108,000 in lost earnings by 2050 – the equivalent of more than £3,000 a year – a new report has claimed. The total bill for today’s teenagers of a hard Brexit, in which the UK leaves the EU without a withdrawal deal and reverts to World Trade Organisation (WTO) terms, could amount to three times the cost of university tuition fees or twice the deposit to buy their first house, said the report from Our Future Our Choice (OFOC), which is campaigning for a second referendum. The paper was backed by former prime minister Sir John Major, who said it “sets out with great clarity the implications for young people” and urged MPs to read it. It calculates total lost earnings by the middle of the century resulting from the impact on Britain’s GDP of a WTO-style Brexit at between £44,000 and £108,000, with the most likely cost amounting to £76,000. The range for a Brexit with a free … [Read more...] about No-deal Brexit could cost young thousands over their working life, says report
Brexit deal on the brink over border in Ireland - intense round of meeting scheduled BelfastTelegraph.co.uk DUP leader Arlene Foster will meet Taoiseach Leo Varadkar in Dublin today after surprise talks between Brexit Secretary Dominic Raab and EU chief negotiator Michel Barnier last night failed to resolve key issues including the Irish border. https://www.belfasttelegraph.co.uk/news/uk/brexit-deal-on-the-brink-over-border-in-ireland-intense-round-of-meeting-scheduled-37419191.html https://www.belfasttelegraph.co.uk/news/northern-ireland/article37419190.ece/089ce/AUTOCROP/h342/2018-10-15_new_44910767_I4.JPG Email DUP leader Arlene Foster will meet Taoiseach Leo Varadkar in Dublin today after surprise talks between Brexit Secretary Dominic Raab and EU chief negotiator Michel Barnier last night failed to resolve key issues including the Irish border. Meanwhile, Sinn Fein leader Mary Lou McDonald will hold talks in Westminster with Prime Minister Theresa May and Labour leader … [Read more...] about Brexit deal on the brink over border in Ireland
Dominic Raab has spent this morning throwing red meat to his own backbenches – and throwing down the gauntlet to Brussels. In a series of punchy media interventions, the Brexit Secretary said he would step up planning for a no-deal scenario and repeated his warning that Britain’s £39bn divorce bill is conditional on an agreement with the EU. The cabinet will meet to discuss no-deal planning for three hours this morning, with a new tranche of papers outlining just how ministers would maintain normality in that event due this afternoon. The most consumer-friendly, a deal with telecoms firms that will prevent the imposition of mobile phone roaming charges for British travellers in Europe, was announced last night. Continuing the offensive this morning, Raab writes in the Telegraph that the UK “will manage the challenges of no-deal – so we make a success of Brexit”. He says critics of a no-deal scenario – which include many of his own ministerial … [Read more...] about ConsumerBusinessSpotlightConsumerBusinessSpotlightConsumerBusinessSpotlightConsumerBusinessSpotlightConsumerBusinessSpotlight Why is Dominic Raab talking up a no-deal Brexit?