Major trade partners seek compensation from UK and EU over Brexit

epa06920797 Lorries arrive in the port of Dover in Dover, Britain, 31 July 2018. Reports state Dover, but also Calais in France may face serious economic problems due to Brexit. The ports and Eurotunnel are used by some 16,000 trucks and thousands of people every day, and any delay of just few minutes because of checks could cause traffic queues of more than 25 kilometres on both sides of the channel. EPA-EFE/FACUNDO ARRIZABALAGA

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Leading trade partners are seeking compensation from the U.K. and EU over Brexit uncertainty that has disrupted pre-Christmas trade.

Some 15 countries — including heavyweights such as Australia and the U.S. — raised concerns over their commercial losses at today’s meeting of the World Trade Organization’s goods council, according to a Geneva-based official in the room.

Australia said the extension of the U.K.’s withdrawal caused “significant commercial disruptions” for their businesses. “Many Australian businesses ceased exports of commercially valuable beef and sheepmeat in the lead up to Christmas,” Australia said in the meeting.

The countries pressed the EU and the U.K. to offer better market access as compensation for the trade disruptions caused by Brexit.

Canada, New Zealand and the U.S. also expressed their concerns, even though Britain is trying to style its former colonies as natural strategic and commercial allies after it has quit the EU. They have already warned Britain and the EU to not just shuffle tariff rate quotas between each other.

Via Politico

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