(Share) Secret Brexit UK Deal - 10 years?

Carl Bernick

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The UK authorities at the Department for International Trade are secretly looking into one of the clauses of the World Trade Organization (WTO) rules. This clause could allow the Britain to have a 10 – year long free-trade deal with the European Union. Moreover, this would provide more time[/URL] for the developed deal to be frozen once the UK has left.

Reportedly, the provision in the Article 24 of the WTO’s General Agreement on Tariffs and Trade appears very beneficial for the UK. The Britain might utilize this clause as a “secret weapon” in its trade talks with the bloc. Many have been concerned about UK’s stance after the Brexit would take place. Some thought that the UK might not have any deal at the end of the two-year divorce talks. Such scenario would send the Britain into the journey of trading chaos.

However, a source at the UK department stated that there is a solution. The 10-year buffer would imply that the UK would never find itself in the “desperate position of having to accept any old deal because of the time constraints”. Moreover, the source has stated:

“Many have asked what will happen if we reach a Brexit agreement with the EU. However, we haven’t finished the free trade agreement with Europe by the point we leave. We discivered that we do have special dispensation under WTO rules to continue our current trading relationship with the EU.

This implies zero tariffs, until such time as that free trade agreement is finished and the precedent that has been set is that we would have 10 years to do that.”

 
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