The European Union said in a statement that its ambassadors at the World Trade Organization had agreed on a draft tariff to be applied by the EU on imported goods after Britain leaves the EU.
The revision of the quota system requires the division of current quotas between Britain and EU member states after Britain leaves the EU, the statement said. Current EU tariff rates have been set at the World Trade Organization while Britain is a member of the European Union.
The EU will have to engage in negotiations with WTO partners for each of the new tariff rates. The agreement reached by the EU will need the approval of the European Parliament before it becomes law.
