THE United Kingdom won approval to remain in a key World Trade Organization agreement that governs US$1.7 trillion worth of annual public procurement opportunities, reports Bloomberg.
A group of 46 nations, including the US and Japan, agreed to let Britain stay in the Government Procurement Agreement (GPA), according to a WTO statement.
Maintaining membership ensures that British contractors will retain their preferential access to foreign public procurement opportunities if Britain leaves the European Union without an EU deal.
It also ensures that the GPA's signatories will continue to have access to the UK's GBP67 billion (US$89 billion) public procurement marketplace in the case of a no-deal Brexit.
'The agreement is another huge step in the UK establishing itself as an independent WTO member, continuing to bang the drum for free trade and UK business,' said British International Trade Secretary Liam Fox.
WORLD SHIPPING
A group of 46 nations, including the US and Japan, agreed to let Britain stay in the Government Procurement Agreement (GPA), according to a WTO statement.
Maintaining membership ensures that British contractors will retain their preferential access to foreign public procurement opportunities if Britain leaves the European Union without an EU deal.
It also ensures that the GPA's signatories will continue to have access to the UK's GBP67 billion (US$89 billion) public procurement marketplace in the case of a no-deal Brexit.
'The agreement is another huge step in the UK establishing itself as an independent WTO member, continuing to bang the drum for free trade and UK business,' said British International Trade Secretary Liam Fox.
WORLD SHIPPING
