Former Director General of the World Trade Organisation (WTO) Pascal Lamy slammed claims that trading under WTO rules would be “hell” for Britain.
Mr Lamy, who is a former EU Commissioner for Trade, explained there are three different leagues of trade and Britain is currently benefiting from the best option being in the European Union.
Mr Lamy said the first league would be the EU internal market where there is no border and no tariff. But in leaving the EU, Britain must join the second or third league.
The second league is a bilateral trade agreement with two countries where they have a border but no tariff. A third league would be a WTO regime, which Mr Lamy said “nearly all countries on this planet have” and it involves a border and a tariff.
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