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		</div><p>The Tory leadership contest has propelled a piece of Brexit jargon into the national conversation – Gatt 24.</p>
<p>– <strong>But what does it mean?</strong></p>
<p>The General Agreement on Tariffs and Trade (Gatt) is a post-Second World War legal agreement that forms the basis for the trade in goods around the world today.</p>
<p>It was replaced by the World Trade Organisation (WTO) in the 1990s, although the original Gatt text is still in use.</p>
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<p>If Britain leaves the EU without a deal then trade would have to take place in line with WTO rules – and their associated tariffs.</p>
<p>Article 24 allows for the creation of an interim agreement necessary for the formation of a customs union or a free-trade area, which could stay in place for up to 10 years.</p>
<figure id="attachment_134794" aria-describedby="caption-attachment-134794" style="width: 600px" class="wp-caption alignnone"><img class="size-full wp-image-134794" src="https://londonglossy.com/wp-content/uploads/2019/06/59DB7966-66D1-43F3-873B-4B3DB24B4BEE.jpeg" alt="" width="600" height="446" data-wp-pid="134794" /><figcaption id="caption-attachment-134794" class="wp-caption-text">International Trade Secretary Liam Fox has dismissed Bris Johnson’s claims on Gatt 24</figcaption></figure>
<p><strong>– Can Gatt 24 be used for Brext?</strong></p>
<p>Boris Johnson has insisted Gatt 24 offers a possible “way forward” with “agreement on both sides”.</p>
<p>However, International Trade Secretary Liam Fox, a Brexiteer who is backing Jeremy Hunt for the Tory leadership, warned Brussels has made clear no such agreement would be forthcoming.</p>
<p>Even if the UK and EU agreed to pursue Gatt 24, other WTO members could veto it.</p>
<p>According to the House of Commons Library, the possibility of rejection has proven to be enough of a deterrent that no WTO members have notified an interim agreement since 1995.</p>
<p>And, against all this, Gatt 24 only applies to the trade in goods.</p>
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<p>According to figures, services accounted for 40% of the UK’s exports to the EU in 2017. A separate agreement under the WTO’s General Agreement on Trade in Services (GATS) would be needed for that.</p>
<p>Finally, such a move would be unusual to say the least, because it is the reverse of a normal Gatt 24 application.</p>
<p>WTO expert Peter Ungphakorn explained in a blog post: “The UK and EU have a single market arrangement and are withdrawing some or all of its features. Here the notification will be needed almost at the start of the negotiations, not at the end.</p>
<p>“Knowing the final destination so early in the process might not be so easy.”</p>
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