Daily Management Review

UK, EU’s Trading Partners Demand Clarity Post-Brexit Clarity At WTO


UK, EU’s Trading Partners Demand Clarity Post-Brexit Clarity At WTO
The United Kingdom and the European Union have been asked by their major trading partners to clarify the terms and conditions of renegotiating tariff levels after Brexit as well as for compensating of their suppliers in the case of any loss of access to markets, said reports quoting a Geneva trade official.
Details of the manner in which EU-UK trade will be treated if there is no bilateral agreement on a deal was also sought by the trading partners during a closed door meeting of the World Trade Organization which was held recently just 50 days before the end of the Brexit transition period, said the reports quoting the trade official.
The official reportedly said that delegations to take the floor at the talks included Australia, Canada, China, India, Indonesia, Mexico, New Zealand, Paraguay, the United States and Uruguay.
"The time-clock counting down to the UK's final departure from the EU Customs Union has been ticking ever more loudly and insistently – with now less than 50 days to go until the end of the UK transition period," New Zealand's delegation had reportedly said according to the official.
It also said that despite the concerns and clarity sought by the trading partners, only "limited engagement" had been expressed by the UK and the EU on addressing the basic concerns that were raised by a large number of WTO members about the respective proposals puyt forward by the trading partners to cut back market access opportunities.
An obvious lack of clarity on renegotiations of so-called tariff rate quotas which is used to fix duty levels on imported goods was one of the issues that were raised by the WTO members at the meeting,
In addressing the other members at the meeting, the UK said that the country was hopeful that it would be able to build upon the recent negotiations that it was holding. UK itself will be able to officially become a member of the WTO only after it officially leaves the single market economy of the EU in January next year.
On its part the European Union said that it was too hopeful that it would be able to quickly move towards finalizing the discussions it is having with as many members of the WTO as possible before the end of the current year.