What is GATT XXIV?
You can suspend up to 10 years. This is a mechanism for ‘getting around’ MFN. Still requires paperwork though!
The WTO is controlled with a series of agreements negotiated by its members over time. These
are known as GATT (General Agreement on Tariffs and Trade). One particular article received a
lot of media attention : GATT XXIV. This article states that you can suspend tariffs with a trading
partner if you are in the process of negotiating a trade deal, but have not yet finished doing so.
GATT XXIV was touted as a solution to NO DEAL exit but it is NOT. It could however be the
solution to Dec 31st exit as UK and EU could jointly inform the WTO that they wish to invoke
GATT XXIV and suspend tariffs until such time that the finer details of the trade deal are finalised.