1st December 2017.

Hard Brexit Not End Of The World!: Says WTO Chief

The Director General of the WTO, gainsays remainers and insists a Hard Brexit will not be the “end of the world”.

In a recent interview with The Telegraph, Director General of the World Trade Organisation (WTO), Roberto Azevedo, insists that a no deal scenario with the EU will not mean a death sentence for the UK.

The Director General admits trade was extremely affected after the 2008 economic crisis, but world countries have since rebounded quite strongly.

After a slump in 2009,  merchandise trade has grown on average by 2.8 per cent a year since 2010. The WTO recently upgraded its 2017 forecast, and now expects a 3.6 per cent trade expansion this year. This is its  best performance since the global financial crisis.

If Britain fails to strike a free trade agreement (FTA) with the EU ahead of March 2019, then UK-EU trade reverts to WTO rules. While some claim this would be a disaster, Azevedo disagrees.

Azevedo points out that almost half of the UK’s trade is already on WTO terms,  with the US, China and several other large nations under no trade agreement with the EU. “It’s not the end of the world if the UK trades under WTO rules with the EU, he adds.

He nonetheless acknowledges that an FTA would be best, with WTO rules potentially rising import tariffs and goods prices for consumers, but urges that this will not mean trade between the UK and EU will stop.

“There will be an impact, but it is perfectly manageable”, he adds.

Azevedo is also enthusiastic for what the UK could bring for the WTO, hoping for greater co-operation between nations aided by Britain’s qualified professionals and liberal trade views.

The WTO chief suggests the UK may even prefer the WTO trade environment over the EU, highlighting the more flexible and easier approach within the WTO, where Britain will not have to coordinate with all the other members of the EU.

“I think Britain has an opportunity,” he concludes, “a chance to contribute in a way that is consistent with the quality of your professionals and the size and importance of your economy.

Customer Liaison Manager, Cris Shirley, at The Credit Protection Association says “There has been much talk in the press and other media recently that a no deal scenario is all doom and gloom, and we are sure to “fall off a cliff” in financial terms. The comments of the WTO President however offer reassurance for all business, consoling them with the reality that dealing with the EU under WTO rules, will not mean certain financial difficulty and could be a great opportunity. All of our Members who I have spoken to regarding Brexit are keen and enthusiastic about the opportunities that will open up. With CPA’s support with domestic and overseas credit reporting and UK and Worldwide successful overdue account recovery, they will have all the tools they need to move forward!”.

 The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

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