- Title: Brexit on WTO terms would not be "end of the world", Fox says
- Date: 20th July 2017
- Summary: GENEVA, SWITZERLAND (JULY 20, 2017) (REUTERS) WORLD TRADE ORGANIZATION (WTO) HEADQUARTERS IN GENEVA WTO SIGN AND LOGO BRITISH TRADE MINISTER, LIAM FOX AND HIS TEAM ARRIVING FOR INTERVIEW LIAM FOX AND JOURNALIST SETTING UP FOR INTERVIEW (SOUNDBITE) (English) BRITISH TRADE MINISTER, LIAM FOX, SAYING: "You know, people talk about the WTO as if it would be the end of the world and forget that is how they currently trade with the United States, with China, with Japan, with India, with the Gulf, and our trading relationship is strong and healthy." INTERVIEW IN PROGRESS (SOUNDBITE) (English) BRITISH TRADE MINISTER, LIAM FOX, SAYING: "Well, we would want those agreements to be done anyway. Unless someone is suggesting that it would be advantageous for European airlines not to be able to fly to Heathrow. So it's in everybody's interest to maintain market access. And you can paint all sorts of negative scenarios and worst case scenarios. We are aiming for a much better result than that." LIAM FOX DURING INTERVIEW (SOUNDBITE) (English) BRITISH TRADE MINISTER, LIAM FOX, SAYING: "The WTO is the basis on which we trade with most of our trading partners and it works well for us. But of course we would want to replicate as best we can the current open trading relationship we have with the European Union. That works for both of us. It works for our citizens, but most importantly if you introduce impediments to trade and investment in Europe that don't exist today, it doesn't exactly make Europe a beacon for open trade, and it's likely to have ripples beyond the European continent in terms of the global economy." LIAM FOX DURING INTERVIEW LIAM FOX TALKING TO HIS TEAM LIAM FOX LEAVING ROOM WTO ENTRANCE
- Embargoed: 3rd August 2017 21:33
- Keywords: Liam Fox Brexit European Union trade
- Location: GENEVA, SWITZERLAND
- City: GENEVA, SWITZERLAND
- Country: Switzerland
- Topics: European Union,Government/Politics
- Reuters ID: LVA0016QIXIYV
- Aspect Ratio: 16:9
- Story Text:Britain leaving the European Union without a new trade deal would not be the "end of the world", although failing to keep existing open relationships could have global repercussions, Britain's trade minister said in an interview on Thursday (July 20).
Sterling fell on Thursday on concerns about Brexit talks ending with no deal, which would leave Britain and the European Union trading on the basis of their agreements at the World Trade Organization (WTO), with no special access, an outcome many economists have warned could cripple business activity.
Fears of a break in the trading relationship disrupting business and grounding planes were overdone "unless someone is suddenly suggesting that it would be advantageous for European airlines not to be able to fly to Heathrow", he said.
He was speaking in Geneva at the WTO, where Britain is trying to disentangle its WTO membership terms from those of the EU. The aim is to replicate existing conditions as much as possible. - Copyright Holder: REUTERS
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