A the moment, there are many questions as to what the future might hold. For example, what kind of relationship will emerge between the EU and also with non-EU countries. Although it was intended to inform the referendum, this Referendum Document gives indications as to what forms of relationship might be possible.
cannot be ruled out that UK will find itself trading under World Trade Organization terms - discussed at pages 35 to 42 of the Referendum document. It would be the most definitive break possible from the EU. There would be no access to the EU single market and no wider co-operation on crime and terrorism (unless separately negotiated). Privileged access to some 53 markets outside the EU would end because those deals were set up by the EU on behalf of member states. The timescale to renegotiate such deals separately cannot be stated with any certainty but it is generally thought that it could extend to several years.
The World Trade Organization came into being on 1st January 1995 replacing earlier arrangements. On 29th July 2016, WTO had a membership of 164 countries. The EU is a member in its own right. More information about the WTO is available via their website - What is the WTO?
See also The United Kingdom and the WTO
An interesting discussion of the situation now facing the UK and the EU is available at Businessresearcher 15th August 2016. It is well worth reading.
The European Economic Area (EEA) and the European Free Trade Area (EFTA) were the subjects of an earlier post 26th July - Beyond Brexit - EFTA and EEA?
European Economic Area
European Free Trade Area
World Trade Organization
about the European Economic Area (EEA
EU Law Analysis - Freedom of movement of persons in the EEA - different from the EU?
European Free Trade Association (EFTA)
EFTA today maintains the management of the EFTA Convention (intra-EFTA trade), the European Economic Area (EEA) Agreement (EFTA-EU relations), and the EFTA Free Trade Agreements (third country relations). The EFTA Convention and EFTA free trade agreements are managed by the Geneva office, and the EEA Agreement by the Brussels office.
Ministers in the British government at August 2016.