It could take the U.K. "many years" to establish fresh trade deals with fellow members of the World Trade Organization once it has left the European Union, the chief economist of the Geneva-based body said.
While the U.K. is now inside the WTO as one of the EU's 28 nations, leaving the bloc will require it to submit its own schedule of tariffs for the approval of trade partners, all of whom must agree to them. At that point, any of the other WTO members can flag issues, forcing the U.K. into a series of talks that could take years to resolve, said Robert Koopman.
"My sense is they are there to negotiate and are likely to find some things to negotiate," Koopman told a conference in London on Monday. "It could take a long time."
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