World Trade Organization concern for UK trade

It could take the UK “many years” to establish fresh trade deals with fellow members of the World Trade Organization (WTO) once it has left the EU, the chief economist of the Geneva-based body said.

Now inside the WTO as one of the EU’s 28 nations, leaving the bloc will require the UK to submit its own schedule of tariffs for the approval of trade partners, all of whom must agree to them.

At that point, any of the other WTO members can flag issues, forcing the UK into a series of talks that could take years to resolve, said Robert Koopman.