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UK Secures A Post-Brexit Trade Deal

Video Credit: Newsy Studio - Duration: 01:09s - Published < > Embed
UK Secures A Post-Brexit Trade Deal

UK Secures A Post-Brexit Trade Deal

World Trade Organization countries have agreed to let the U.K. keep access to bidding on government contracts after it leaves the European Union.


UK Secures A Post-Brexit Trade Deal

The U.K. has secured a  post-Brexit trade deal  that'll allow it to continue to bid on government contracts.

A group of 46  World Trade Organization  countries have agreed to let Britain stay in what's known as the Government Procurement Agreement after it leaves the European Union.  The move means  U.K. contractors  will still be able to bid on global government procurement contracts, ensuring access to potentially lucrative deals.  U.K. International Trade Secretary  Liam Fox said the WTO approval is a big step toward the U.K. positioning itself as an independent member of the group.  Britain's still facing unresolved issues related to its planned exit from the EU on March 29.

Lawmakers can't agree on specific terms for leaving, and an original plan from U.K. Prime Minister Theresa May was overwhelmingly rejected last month.  May vowed Wednesday  that Britain will leave the EU on schedule.

Lawmakers then voted in favor of a symbolic motion to hold her to that promise.  The lack of a deal has also added to weakening global growth expectations.

The  International Monetary Fund  warned last month that the world economy was slowing faster than expected, pointing to a potential "no-deal" Brexit as one of the factors.  Additional reporting from  Newsy affiliate CNN . 

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