Britain has struck its first deal through the World Trade Organisation for a post-Brexit world, inking plans to stay part of a market for lucrative government contracts with dozens of trading partners.
The accord reached on Wednesday paves the way for Britain to retain its place among 47 WTO countries that are involved in the Government Procurement Agreement, including the European Union’s 28 and soon to be 27 members.
The arrangement ensures continuity of cross-border bidding for significant government contracts, though military contracts are generally excluded.
A Geneva-based trade official said the agreement was a relatively straightforward step but also important for ensuring access to a combined market valued at over 1.7 trillion US dollars.
Britain still faces unresolved issues when it comes to access for its goods and services markets after its withdrawal from the EU scheduled for March 29.