WTO warns on Brexit customs bill for UK exporters

British exporters risk an extra £5.6 billion ($8.2 billion) of annual customs duties if the country votes to leave the EU, the World Trade Organization (WTO) chief will warn Tuesday.

Britain would have to negotiate new trade deals with the EU and with each of the 58 countries that have free-trade deals with the bloc, Director General Roberto Azevedo was to say at a conference in London, according to a copy of the speech obtained by AFP.

Britain would also need to renegotiate the terms of its WTO membership and would not necessarily retain privileges afforded to other European countries whose membership is under the auspices of the EU.

Britain’s need to agree deals quickly would put it in a weak negotiating position, he will say.