Sefcovic from the EU indicated potential consideration for the UK's membership in the Pan-Euro-Mediterranean convention (PEM), established to streamline trade among 25 signatory nations. PEM allows for certain trade products to qualify as local despite international part sourcing, which can benefit the UK. However, trade experts express skepticism about its impact, noting UK products mainly use a small percentage of ingredients from PEM countries. The initiative may provide advantages for sectors with extensive supply chains, like automotive and food industries, as it eases the complexities of sourcing.
The Pan-Euro-Mediterranean convention (PEM) allows for easier trade between countries with reduced tariffs, benefiting the UK participation in a regional supply chain.
Trade experts suggest PEM is not a significant game changer for UK exports, citing low percentages of sourced ingredients from PEM countries.
Diverse views exist on the UK's potential involvement in PEM, with some trade officials emphasizing its benefits for sectors with complex supply chains.
It simplifies the definition of domestic goods, benefiting manufacturers who rely on parts sourced from various European countries.
#uk-eu-trade-relations #pan-euro-mediterranean-convention #post-brexit-trade #tariffs #supply-chains
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