Geneva, November 27: It is not end of the world if Brexit is not followed by EU deal says World Trade organization Chief Roberto Azevedo.
He said told the Sunday Telegraph newspaper that although Britain would be better off with an agreement, the impact of falling back on WTO rules would be "manageable.” "About half of the UK's trade is already on WTO terms -- with the US, China and several large emerging nations where the EU doesn't have trade agreements," he added.
"So it's not the end of the world if the UK trades under WTO rules with the EU." He said. Azevedo further added that "If you don't have a fully functioning FTA with the EU, there could be rigidities and costs -- but it's not like trade between the UK and EU is going to stop.”
Recently British Prime Minister Theresa May failed to make any breakthrough in Brexit talks with the European Union summit talks held in Brussels. The slide reflects a sharp deceleration in Britain's economic growth since it voted to leave the European Union in June 2016. This lead Britain to stand on sixth position in top economies of the world. However it was on the fifth position since many years.