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Old 08.10.2016, 17:32
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Re: Wow, CHF to GBP exchange rate is pretty crazy at the moment...

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no. the 2 years is simply the time when which the relevant treaties will automatically cease to apply unless the UK and European Council unanimously decide to extend.

what they discuss or don't discuss is between the UK and the EU.

so unless they agree to extend, they have to discuss everything within these 2 years or let them fall away.
Any EU deals need ratification by every EU country and the European Parliament which would anyway extend the process beyond the two-year limit set by Article 50.

Do you have a source for saying that an EU trade deal has to be agreed within these two years?
The most optimistic scenario is for an interim extension of the existing arrangement but if that is continued without change then it would include unwelcome clauses like FMOP and payments to the EU.

Britain is already a member of the WTO so this looks like an easy option for trade.
But its tariff, quota and subsidy rules are fixed by its EU membership.

Post-Brexit UK needs terms of its own, and they have to be negotiated and approved by all 163 other WTO members, a process that the WTO’s director-general has called “tortuous”.
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