WTO Confirms £1.3Trillion Market for British Contractors
Posted 12th March 2019 in News For Businesses For Workers
The World Trade Organisation (WTO) has confirmed that British businesses will be able to continue bidding for public sector contracts worldwide after leaving the European Union.
The UK plans to join the Government Procurement Agreement (GPA) as an independent member if it leaves the European Union without a deal.
The development was announced on February 27, with a press release from the United Kingdom government stating, “This is a significant step in the UK establishing its independent trade policy for the first time in more than 40 years.
“The UK has already submitted its own tariff schedules to the WTO and will take up its independent seat in Geneva after exit day.”
The GPA is an agreement between the 19 members of the WTO, including the United States, Canada, the EU and Japan. Independent membership will allow the UK to continue to bid for public sector contracts overseas – a £1.3trillion market.
International Trade Secretary Dr Liam Fox commented, “This is an important win for British diplomacy as we take our place on the world stage, and we are looking forward to continuing to play a committed and active role in the GPA Committee and the WTO as a whole. I’d like to thank our colleagues in the GPA for working with us to achieve this excellent result.”