Jacob Rees-Mogg“If you are in a negotiation for a free trade agreement, you can maintain your existing standards for ten years under WTO rules. So we have ten years from the point at which we leave the European Union to negotiate a free trade agreement with the EU which would mean we can carry on with our zero tariffs.”AW This is relevant but wrong. If Britain leaves the EU and wants to avoid going to WTO terms, UK-EU trade would need a new agreement immediately and both sides would have to present it to the WTO. The agreement could probably include a transition from free trade to whatever was agreed, although strictly speaking, Article 24 of the General Agreement on Tariffs and Trade (part…

Source: The Times June 25, 2019 23:02 UTC