The UK was a founding member of the General Agreement on Tariffs and Trade (GATT) in 1948. Like all other EU members, it retained its GATT membership after joining the EU and then became a World Trade Organisation (WTO) member when the latter was founded in 1995. As such it must respect general rules that apply to all WTO members as well as specific commitments made by individual WTO members.
These specific commitments are listed in documents called “schedules of concessions”, which contain specific tariff concessions and other commitments that WTO members have given during multilateral trade negotiations. For trade in …read more
Source: Bruegel