British businesses will be able to continue bidding for global public sector contracts worth an annual £1.3 trillion once the UK leaves the EU, the government has announced.

The World Trade Organization confirmed on Wednesday that 46 nations including the US, Canada and Japan have voted to let Britain stay in the Government Procurement Agreement, which governs £1.3tn worth of annual public procurement opportunities.

According to the Department for International Trade, the UK will join the GPA as an independent member in the event of a no-deal Brexit. This means British businesses will be able to continue overseas bidding for public sector contracts on almost the same terms as they do now.

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Overseas businesses will be able to bid for £67bn worth of public sector contracts in the UK every year, the DIT said. In return, British suppliers will be able to bid for £1.3tn worth of government contracts overseas in a wide range of sectors from large infrastructure to professional and business services.

The agreement will also ensure British taxpayers and public sector organisations, including government departments, “continue to benefit from increased choice and value for money on contracts which are open to international competition”, and it will continue to protect vital public services such as the NHS, the department added.

The DIT has called this a “significant step” in the UK establishing its independent trade policy for the first time in 40 years. The UK has already submitted its own tariff schedules to the WTO and will take up its independent seat in Geneva after exit day.

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The UK will join the GPA as an independent member as soon as possible if Britain leaves the EU without an agreement, or will remain a member under EU schedules if it has an implementation period.

International trade secretary Liam Fox said: “I’m delighted to have confirmation from the GPA Committee today that the UK will be an independent member of the agreement as we leave the EU. This is a hugely successful global agreement that will give British businesses certainty they can continue bidding for £1.3tn worth of government procurement contracts overseas.

“This is an important win for British diplomacy as we take our place on the world stage, and we are looking forward to continuing to play a committed and active role in the GPA Committee and the WTO as a whole. I’d like to thank our colleagues in the GPA for working with us to achieve this excellent result.”

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While there may be a short period of less than a month before the GPA takes legal effect in a no-deal scenario, disruption to businesses is likely to be minimal, the DIT said.