Saturday 10 December 2016

UK has a lot of work to do now all trade deals are off

Published 25/06/2016 | 02:30

British students hold the Union Jack and European Union flags in front of the European Parliament in Brussels yesterday. Photo: Reuters
British students hold the Union Jack and European Union flags in front of the European Parliament in Brussels yesterday. Photo: Reuters

Now the UK has voted to leave the EU, the first step has to be taken by the British government. It must decide what sort of relationship it wants to have, trade-wise, with the rest of the world.

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At the moment, that is governed by agreements negotiated for the UK by the EU.

If the UK simply leaves the EU, all those agreements will fall, as will UK membership of the World Trade Organisation (WTO). Agreements with dozens of non-EU countries will have to be negotiated again, at the same time as negotiating with the EU. A lot of work.

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