THERESA MAY suffered a historic defeat in the vote on her Brexit withdrawal agreement on Tuesday but as a result, will the UK have to fall on WTO rules? What does WTO Brexit mean?
What are WTO rules?
The World Trade Organisation (WTO) is the place where countries negotiate the rules of international trade.
In total 164 countries are members and, if they don’t have specified free trade agreements with one another, they trade under “WTO rules”.
Each member of the WTO has what is known as WTO schedules; a list of tariffs – a tax on imports of goods – and quotas – limits on the number of goods – which are applied to other countries.
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