At the heart of what Brexit will actually mean for business are the UK’s terms of trade with the EU27 and the rest of the world after it leaves the EU. The continued uncertainty over the terms of the UK’s withdrawal from the EU have brought into focus the prospects of the UK leaving the EU without an agreement in place (a so-called “hard Brexit”). One of the well-publicised consequences of this would be that the UK would have to rely on World Trade Organisation (WTO) rules to trade with the EU and certain third countries with which the EU has concluded free trade agreements (and vice versa).
In this episode of our Brexit podcasts, Senior Associate in our International Trade and Regulatory Law Group, Jonathan Benson, introduces the key concepts in the WTO rules and discusses key considerations for businesses operating under such a trading regime post-Brexit.
Click here to listen the audio.