Britain on Wednesday secured the right to remain part of a World Trade Organization agreement covering the USD 1.7 trillion public procurement market whether or not it leaves the EU with a withdrawal deal.
Becoming an independent member of the 19-party Government Procurement Agreement (GPA) had been a priority for British negotiators at the WTO.
If a Brexit deal is agreed, Britain will remain part of the GPA under its current terms as an EU-member during the transition period, the British mission in Geneva said in a statement.
But if Britain crashes out of the EU without an agreement, it will automatically become an independent member of the GPA within a matter of weeks, the statement added, confirming a compromise agreed among GPA members.
"This is an important win for British diplomacy... which will give British businesses certainty that they can continue bidding for 1.3 trillion pound worth of government procurement contracts overseas," British trade minister Liam Fox said in a statement.
The GPA - which was agreed in 1994 and includes major economies like the EU, US, Canada and Japan - was designed to liberalise the public procurement market and allow foreign competition for government projects, ensuring taxpayers get value for money.
Britain is a major player in the public procurement market, especially across the EU.
In a statement to the GPA committee, Britain's WTO ambassador Julian Braithwaite thanked the EU for their efforts "to ensure continuity".
Other facets of Britain's future as an independent WTO member, including its commitments related to the trade of goods and services, may still be shaped by the final terms of Brexit.
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