LONDON (Alliance News) – An exit from the EU, dubbed the “Brexit”, would cost the UK billions and the country would also be forced to re-negotiate its membership of the World Trade Organisation, the WTO Director General Roberto Azevedo warned.
“Pretty much all of the UK’s trade would somehow have to be negotiated,” the WTO Chief said in an interview to the Financial Times, published on Wednesday.
As the UK became a member of the Geneva-based trade body under the auspices of the EU, leaving the group implies renegotiating terms on matters ranging from trade tariffs to agricultural export quotas, farm subsidies and access to other markets for British banks and financial services companies, the report said.
Since there are no precedents to such negotiations, they are going to be very complex and could run for several years before reaching a deal, Azevedo said.
The UK is set to hold its referendum on EU membership on June 23.
Copyright RTT News/dpa-AFX