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UK's Other Brexit Fight May Bar It From $1.7 Trillion WTO Deal - Bloomberg

BloombergUK's Other Brexit Fight May Bar It From $1.7 Trillion WTO DealBloombergU.K. businesses stand to lose access to a $1.7 trillion public procurement market if signatories to a World Trade Organization accord this week block Britain's application for membership, which will lapse after it leaves the European Union in March. On ...

Photographer: Chris Ratcliffe/Bloomberg

U.K. businesses stand to lose access to a $1.7 trillion public procurement market if signatories to a World Trade Organization accord this week block Britain’s application for membership, which will lapse after it leaves the European Union in March.

On Nov. 27, the U.K. will seek admission to the 46-nation Government Procurement Agreement in Geneva. Failure to rejoin the pact could prevent U.K. companies from bidding on government contracts in member nations, including the $837 billion U.S. market. Each member has the power to block admittance.

“Going through an accession does mean in theory a country -- any country -- can veto,” the U.K. Ambassador to the WTO Julian Braithwaite told lawmakers in London this month. “If we don’t get their agreement we don’t become a member of the GPA.”

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