Listen to this jargon-busting episode.

 

Word of the Day

WTO

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to ensure that trade flows as smoothly, predictably and freely as possible.

The WTO has over 160 members representing 98 per cent of world trade. Over 20 countries are seeking to join the WTO.

Despite MPs voting against a no deal in March 2019, it still remains the legal default for Brexit until some kind of withdrawal agreement is passed by Parliament. A no deal Brexit would mean we leave the EU, as well as the single market and customs union, and begin trading with the EU on WTO terms.

Under WTO rules, countries set their own import rules, so a no deal Brexit means that the government could, in theory, allow goods and services from all countries across the world to be imported into the UK without tariffs or quotas.

But it doesn’t mean other countries would have to do the same, meaning that UK exports to those countries would, in many cases, face tariffs and restrictions.

In any case, the government have said that under a no deal Brexit scenario, tariffs would still apply to 13% of goods (by value) imported into the UK for up to 12 months. During that time it will undertake a review on a long-term approach to tariffs. 

Another way of thinking about free trade is that the UK would be able to decide for itself how trade with other countries would operate. In the longer-term a no deal Brexit would give the UK the greatest agency over its future trade deals, although the exact terms would have to be agreed in negotiation with each individual country. These deals would likely take years to negotiate. Source: https://fullfact.org.

 

 

Formation

1 January 1995; 24 years ago

Type

International trade organization

Purpose

Reduction of tariffs and other barriers to trade

Headquarters

Centre William Rappard, Geneva, Switzerland

 

 

 

Membership

164 member states

Official language

English, French, Spanish

Director-General

Roberto Azevêdo

Budget

197.2 million Swiss Francs (approx. 209 million US$) in 2018.

Staff

640

 

 

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook

 

Listen to this jargon-busting episode.
&nbsp;
Word of the Day
<blockquote>
WTO
</blockquote>
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world&rsquo;s trading nations and ratified in their parliaments. The goal is to ensure that trade flows as smoothly, predictably and freely as possible.
The WTO has over 160 members representing 98 per cent of world trade. Over 20 countries are seeking to join the WTO.
Despite MPs voting against a no deal in March 2019, it still remains the legal default for&nbsp;Brexit&nbsp;until some kind of withdrawal agreement is passed by Parliament. A no deal&nbsp;Brexit&nbsp;would mean&nbsp;we leave&nbsp;the&nbsp;EU, as well as the single market and customs union, and begin trading with the&nbsp;EU on WTO terms.
Under WTO&nbsp;rules, countries set their own import rules, so a no deal Brexit means that the government could, in theory, allow goods and services from all countries across the world to be imported into the UK without tariffs or quotas.
But it doesn&rsquo;t mean other countries would have to do the same, meaning that UK exports to those countries would, in many cases, face tariffs and restrictions.
In any case, the government have said that under a no deal Brexit scenario, tariffs would still apply to&nbsp;13% of goods&nbsp;(by value) imported into the UK for up to 12 months. During that time it will undertake a review on a long-term approach to tariffs.&nbsp;
Another way of thinking about free trade is that the UK would be able to decide for itself how trade with other countries would operate. In the longer-term a no deal Brexit would give the UK the greatest agency over its future trade deals, although the exact terms would have to be agreed in negotiation with each individual country. These deals would likely take years to negotiate. Source: https://fullfact.org.
&nbsp;
&nbsp;
Formation
1&nbsp;January 1995; 24 years ago
Type
International trade organization
Purpose
Reduction of tariffs and other barriers to trade
Headquarters
Centre William Rappard,&nbsp;Geneva,&nbsp;Switzerland
&nbsp;
&nbsp;
&nbsp;
Membership
164 member states
Official language
English,&nbsp;French,&nbsp;Spanish
Director-General
Roberto Azev&ecirc;do
Budget
197.2 million&nbsp;Swiss Francs (approx. 209 million US$) in 2018.
Staff
640
&nbsp;
&nbsp;
There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R&rsquo;s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon <a href="http://bit.ly/2MoneyBook">http://bit.ly/2MoneyBook</a>
&nbsp;

Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness.  Charles spent over 25 years in financial services working for banks, Insurance companies and as a qualified Independent Financial Adviser running his practice, before setting up his speaking, consultancy and property business.  Money Tips will help you save, make and accumulate more money whether you are a business owner, entrepreneur, employee or still searching for your vocation.   For more tips and information visit Mondeytipsdaily.com. The Information given in this podcast is for your entertainment and should not be construed as financial advice. As always, take independent financial advice before making any investment decisions.

Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness.&nbsp; Charles spent over 25 years in financial services working for banks, Insurance companies and as a qualified Independent Financial Adviser running his practice, before setting up his speaking, consultancy and property business.&nbsp; Money Tips will help you save, make and accumulate more money whether you are a business owner, entrepreneur, employee or still searching for your vocation. &nbsp; For more tips and information visit Mondeytipsdaily.com. The Information given in this podcast is for your entertainment and should not be construed as financial advice. As always, take independent financial advice before making any investment decisions.

Money Tips Podcast

Welcome to Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness. 

Charles spent over 25 years in financial services working for banks, Insurance companies and as a qualified Independent Financial Adviser running his practice, before setting up his speaking, consultancy and property business. 

Money Tips will help you save, make and accumulate more money whether you are a business owner, entrepreneur, employee or still searching for your vocation.  

For more tips and information visit Mondeytipsdaily.com. The Information given in this podcast is for your entertainment and should not be construed as financial advice. As always, take independent financial advice before making any investment decisions.

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