After Brexit, UK to seek bespoke trade deals, not WTO rules: Fox
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- China Oceanwide to Acquire Genworth Financial (GNW) for $2.7B
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
Britain's International Trade Secretary Liam Fox speaks during the WTO annual Public Forum in Geneva, Switzerland, September 27, 2016. REUTERS/Pierre Albouy
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
MANCHESTER, England (Reuters) - Britain must seek bespoke multi-lateral and bilateral trade arrangements after it exits the European Union rather than fall back on World Trade Organization (WTO) rules, International Trade Secretary Liam Fox said on Thursday.
Fox said in a speech Britain would take part in WTO efforts to reduce red tape across borders, phase out distortive export subsidies, and scrap trillions of dollars’ worth of tariffs.
"However, where progress has stalled at the multi-lateral level, the UK must be ready to look to more bespoke plurilateral and bilateral arrangements to ensure that the global market place remains fair and free," he said.
In his 25-minute speech, Fox stuck to generalities and gave no new details about how Britain would approach negotiations on the terms of its exit from the EU.
"My message today is a simple one: free trade has and will continue to transform the world for the better," he said. "The UK has a golden opportunity to forge a new role for ourselves in the world, one which puts the British people first."
(Reporting by Kylie MacLellan; writing by Estelle Shirbon and Helen Reid; editing by Stephen Addison)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Obama turns focus on Senate races as he campaigns for Clinton
- Clinton thinks regulators should scrutinize AT&T-Time Warner deal: spokesman
- Suicide car bomb rocks Somali capital: police
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!