Ignorance of WTO proves costly, says Herbert Smith.

UK businesses and law firms are missing out on global trade opportunities because of their ignorance of the World Trade Organisation (WTO) rules, according to a survey carried out by City firm Herbert Smith.

When asked questions about the WTO, respondents from more than 60 FTSE 350 companies scored an average of less than 1.5 out of a possible five for maximum awareness.

Businesses are largely ignorant of the mechanism under the EU's trade barriers regulation, which enables companies to raise market access issues with their governments, and sponsor actions against other states to safeguard their free trade rights.

Only about five City law firms have a capacity for WTO work, said Craig Pouncey, a Brussels-based Herbert Smith partner, who added: 'Given the potential of this area - in a globalising context - to take on as much importance as EU law has in the last 20 years, it is surprising that so few major firms appear to be even dipping their toes into WTO waters.' Clifford Chance and Rowe & Maw are among those to target this work.

Jeremy Fleming