Business Secretary Jonathan Reynolds is open to the UK potentially joining the Pan-Euro-Mediterranean Convention (PEM), allowing tariff-free trade with Europe and parts of North Africa. After discussions with EU trade commissioner Maros Sefcovic, Reynolds emphasized that this option does not equate to re-entering a customs union, aligning better with the firm's Brexit position. He expressed confidence about minimizing the impact of U.S. tariffs, citing the absence of a significant trade deficit with the U.S. Meanwhile, the UK government's plans for Thames Water's restructuring are underway following financial concerns.
Business Secretary Jonathan Reynolds indicated a potential for the UK to join a tariff-free trading scheme with Europe, specifically the Pan-Euro-Mediterranean Convention (PEM). This approach seeks improved trade terms without resembling customs unions or single market discussions related to Brexit.
Reynolds stated that joining the PEM could be beneficial for trade with the EU, allowing for tariff-free trade without revisiting contentious Brexit negotiations, and expressed optimism about applying dynamic alignment in Brexit negotiations.
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