The EU's trade chief suggested potential UK inclusion in a pan-European trade agreement, highlighting its importance for economic growth. While the UK's Labour government has dismissed ideas of rejoining the single market, joining the Pan-Euro-Mediterranean Convention (PEM) could enhance cooperation and trade benefits. Commissioner Maros Sefcovic emphasized that any such agreement would require shared rules and dynamic alignment. The Labour government is considering this after previous Conservative opposition. Businesses see PEM membership as beneficial for supply chains, signaling a shift in UK-EU trade dynamics under the current Labour administration.
Some businesses have supported UK joining the PEM, saying it could help their complex supply chains, cut red tape and improve trade.
Sefcovic, who is commissioner for trade and economic security, admitted that the idea had not been precisely formulated, but said that the ball is in the UK's court.
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