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