December 16, 2016 / 5:23 AM / 8 months ago

UK's Hammond says WTO option would not be best outcome of Brexit

Britain's Chancellor of the Exchequer Philip Hammond attends a meeting with CEOs and board members of Japanese financial institutions in Tokyo, Japan December 15, 2016.Issei Kato

SEOUL (Reuters) - World Trade Organization access, whereby Britain would rely on its WTO membership for access to European markets, would not be the best outcome of Brexit, Britain's finance minister, Philip Hammond, said on Friday.

"In my view, the WTO option would not be the most favored outcome," Hammond told reporters at an event in the South Korean capital, Seoul.

"I hope that we would be able to agree with our European partners tariff-free access but on a reciprocal basis."

Hammond was on the final leg of a tour to South Africa, Japan and South Korea.

(This version of the story has been refiled to fix spelling in paragraph two)

Reporting by James Pearson; Editing by Robert Birsel

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