“Pretty much all of the UK’s trade [with the world] would somehow have to be negotiated. […] It is very important, particularly with regard to trade, which is something very important for the British economy, that people have the facts and they don’t unde
– Roberto Azevêdo, director-general of the World Trade Organization (WTO), warns in an interview with the Financial Times that an exit from the EU would cost British consumers and businesses billions and force the UK to renegotiate the terms of its WTO membership. This would affect thousands of tariff lines covering the UK’s entire trade portfolio, its quotas on agricultural products, subsidies to British farmers, and market access for the UK’s banks and other services companies, ft.com reported. It would also lose preferential market access to 58 countries, covered by 36 trade agreements it enjoys as part of the EU. The cost of additional tariffs on the imports of goods is estimated at £9bn, while British exports would attract additional duties of £5.5bn, according to the WTO.