UK moves to change terms of WTO pact

BRITAIN is beginning work on becoming an independent member of the World Trade Organisation ( WTO) after Brexit, using the EU’s current terms as the template, International Trade Secretary Liam Fox said yesterday.

Britain is currently represented in the 164-member body through its membership of the European Union, but when it leaves the bloc it will need to establish its own terms, or schedules.

“In order to minimise disruption to global trade as we leave the EU, over the coming period the government will prepare the necessar y draft schedules which replicate as far as possible our current obligations,” Fox said in a written statement to parliament.

“The government will undertake this process in dialogue with the WTO membership.

“This work is a necessary part of our leaving the EU. It does not prejudge the outcome of the eventual UK-EU trading arrangements.”

Prime Minister Theresa May has promised to begin formal exit talks with EU leaders by the end of March, but has refused to give a “running commentary” on her negotiating strategy.

She says she wants “maximum possible access” to the European single market after Brexit, and last week a senior minister, David Davis, suggested the government would consider paying for this.

In a speech to the WTO last week, Fox said: “Britain stands ready to take a leading role within the WTO.”