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Fifteen countries outside the EU ask for Brexit trade compensation
By Caoimhe Toman
Date: Friday 15 Nov 2019
LONDON (ShareCast) - (Sharecast News) - Fifteen countries including Australia, the US, India and New Zealand have asked for trade compensation from the UK and the EU over the economic hit caused by Brexit.
The various countries voiced their concerns at a World Trade Organization (WTO) meeting in Geneva.
The main issue was the WTO system that allowed them easier access to the EU's large market for limited quantities of some of their goods, which is known as "tariff rate quotas".
This makes it more profitable for Australian farmers to sell their goods to the EU, which currently includes the UK for example.
Brexit means the UK and the EU have to decide how to justly distribute those amounts between themselves.
Some countries say that Brexit could lead to them having less of the favourable access than they currently have to what is a large and wealthy market.
These 15 countries are demanding compensation from the UK and EU to ensure they are not paying more in tariffs due to Brexit. Under WTO rules, that would usually mean reducing tariffs on other goods.