Quotas allowing imports of cheap New Zealand lamb and other goods will be shared out between Britain and the European Union after Brexit under a deal signed by both sides.

Restrictions on how many products can be imported into the EU on favourable rates are set across the bloc and concerns have been raised internationally that exporters could take a financial hit when the UK quits.

However, the British government has agreed with Brussels to divvy up the numbers of goods that can be brought in on low or zero tariffs based roughly on current rates.

It would mean products like lamb, which are imported into the UK in higher numbers than other parts of the bloc, would continue to be traded in similar numbers.

International Trade Secretary Liam Fox said the deal showed "real progress" and was part of the government's plans to minimise disruption to global trade.

The agreement has been set out in a letter from the UK and the EU to the World Trade Organisation, which regulates international trading arrangements.

No decision has been made on how long the tariff rate quotas, which have to be renewed regularly with the WTO, would be maintained in the long-term.

| TheGuardian  ||  October 12,  2017   |||