Adam Smith, Britain's most influential Economist said: "On the road from the City of Skepticism, I had to pass through the Valley of Ambiguity." This is our creed when we think of a 'No Deal' Brexit and immediately going onto World Trade Organisation (WTO) rules. The future is bright, but we need to take the correct path, argues Joel Casement.

We have heard constant reports of Britain being able to trade under WTO rules immediately in the event of a 'No Deal' scenario. However, what does "trading under WTO Rules" actually mean? After all, we voted to Leave the EU because we didn't like their rules and directives, so it only seems right we know the new rules of the game are before we start playing.

The World Trade Organisation, established in January 1995, replaced its parent organisation the GATT (The General Agreement on Tariffs and Trade) which was set up, and we joined in 1948. When we joined the EEC, we then became full members of the WTO as an EU member ? therefore trading around the world under the EU's Trade Schedule, so we would eventually more towards a unique Trade Schedule after Brexit.

Write for us. We're always on the lookout for talented writers and welcome submissions. Please send your opinion piece or pitch to: editor@commentcentral.co.uk

This would mean we will trade internationally on our own bespoke "Trade Schedule". The schedules are complex documents in which each country identifies the sectors to which it will apply their market access and national treatment obligations of the GATS (General Agreement on Trade in Services) and any exceptions from those obligations it wishes to maintain. To ensure our immediate and seamless transition, we will need to borrow largely from our current WTO trade schedule blueprint. International Trade Secretary Dr Liam Fox has now submitted schedules on both goods and services, marking the two major milestones involved in finalising an independent seat at the WTO. When we do our Trade Deals with the rest of the World we will tailor this blueprint so we optimise our trading quantity and profitability.

Once we have our own Trade Schedule we must adhere to the WTO's 5 key principles.

Trade without discrimination. Freer trade; gradually through negotiation. Predictability through binding and transparency. Promoting fair competition. Encouraging development and economic reform.