Politics
UK to explore entry into pan-European trade deal
British Economy Minister Rachel Reeves said on Sunday she was willing to consider a proposal by EU Trade Commissioner Maros Sefcovic for the UK to join the trade deal known as Pan-Euro-Mediterranean Convention (PEM). .
“We will be perfectly happy to consider these proposals.”because we know that the deal made by the previous government is not working well,” Reeves said in an interview with Sky News.
According to the minister, thePost-Brexit deal negotiated by former Prime Minister Boris Johnson does not allow small businesses to exportand this does not solve the problems of the big ones either, so it is time to admit the problems and look for solutions “consistent with the red lines of our program”.
Keir Starmer's Labor governmentexcludes a return to the EUto the single market and customs union, but is trying to strengthen ties with the community bloc in a so-called “reset” of relations.
The PEM proposed by Sefcovic is alittle known agreementlaunched in 2012, which facilitates trade between countries in Europe and North Africa, although British experts debate the scope of the agreement.
Speaking to the BBC at the World Economic Forum in Davos, Sefcovic said the idea was not yet“precisely formulated”and that “the ball is in the United Kingdom’s court”.
The UK Government has started consulting businesses on the benefits of the PEM scheme and howcould help reduce bureaucracyand improve trade, according to the BBC.
Source : The economist magazine
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