×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: APFN | EU | Britain | WTO | Brexit

Britain Reaches WTO Deal on Govt Contracts Post-Brexit

Britain Reaches WTO Deal on Govt Contracts Post-Brexit

Wednesday, 27 February 2019 02:37 PM EST

GENEVA (AP) — Britain struck a trade deal Wednesday for a post-Brexit world, obtaining approval from other World Trade Organization members to stay part of a competitive market for lucrative government contracts after the country leaves the European Union.

The agreement allows Britain to retain its place among the 47 WTO countries that are involved in the Government Procurement Agreement. The EU's 28 member nations belong as a single entity, so the bidding agreement's participating countries signed off on allowing Britain to join as an independent party to the pact.

The arrangement ensures continuity of cross-border bidding for big-ticket government contracts, though military contracts are generally excluded.

A Geneva-based trade official said on condition of anonymity because he's not authorized to be named publicly said that the agreement was a relatively straightforward step but an important one in ensuring access to a combined market valued at over $1.7 trillion. Britain still faces unresolved issues when it comes to access for its goods and services markets after its planned exit from the European Union on March 29.

The deal comes a day after some countries, led by New Zealand, aired complaints about how tariff-rate quotas will be set by Britain and the European Union if they don't reach a Brexit deal by the planned departure date.

Under the WTO's tariff-rate quota system, agricultural products that are imported under a set quota receive lower duty rates.

Some trading want the European Union to maintain its current quotas, and hope Britain will establish its own quotas — in essence expanding the total market.

The EU and Britain plan to split those quotas up based on Britain's past share of overall EU imports, the official said.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Britain struck a trade deal Wednesday for a post-Brexit world, obtaining approval from other World Trade Organization members to stay part of a competitive market for lucrative government contracts after the country leaves the European Union.The agreement allows Britain to...
APFN,EU,Britain,WTO,Brexit
280
2019-37-27
Wednesday, 27 February 2019 02:37 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved