Tariff free trade with Europe?

How the Pan-Euro-Mediterranean Convention (PEM) could help the UK trade more freely with parts of Europe and North Africa.

Transcript

00:00Yes indeed and we've also had a change of government as we know we've got

00:04Labour in now and Chancellor Rachel Reeve referenced a Brexit reset in her

00:09big growth kickstart speech which was earlier this week saying the UK is

00:14absolutely happy to look at joining a tariff-free trading scheme with Europe.

00:20Ollie, what exactly would this look like?

00:25Well this scheme that is being

00:27potentially thought about by the UK government and it's been rather coy

00:31about whether or not it would like to join up to something like this is it is

00:36a customs arrangement that is not explicitly the UK government wants to be

00:41clear, a customs union of the type that it used to be signed up to when it was a

00:45member of the European Union. It's called the Pan-Euro-Mediterranean Convention

00:50that's what we're talking about here. It's a grouping of 25 or so countries in

00:55Europe and mostly the North African Mediterranean region and what it means

01:01is that the signatories to this convention in some areas goods moving

01:06from one supply chain to another can be easier moving in various different

01:13directions between countries than if you are outside this grouping.