If it votes to leave, the U.K. will have "no way of escaping" a long series of trade negotiations that will most likely have a negative impact on the country's economy, the director-general of the World Trade Organization (WTO), told CNBC.
"There will be negotiations ensuing if the U.K. leaves the EU. So negotiations would be needed between the U.K. and the EU; the U.K. and other WTO members; and the countries with whom the EU has free trade areas," WTO's director-general, Roberto Azevêdo told CNBC Tuesday.
"So negotiations are going to have to happen and there are many scenarios out there, and most of them would be resulting in less favorable terms for trade and therefore a negative impact on the economy."
Trade has been one of the hot topics within the referendum debate, with the remain camp arguing that the EU is the U.K.'s biggest trading partner and a vote to leave would damage the country's trade and harm business.