Speaking from Davos earlier this week, European Commission Vice President Maros Sefcovic suggested the UK could join the Pan-Euro-Mediterranean Convention (PEM), a trade agreement that simplifies rules of origin among its 25 members.
Asked on Sky News’s Sunday Morning with Trevor Phillips programme whether she would take up Sefcovic’s offer, Rachel Reeves said she was “absolutely happy” to look at taking part in the PEM.
“It’s not working well enough for small businesses trying to export, and it’s not working well enough for larger businesses either. We’re grown up enough to admit that, whereas the previous government said there were no problems at all.
However, she cautioned that she was only happy to consider “constructive ideas” for trade that were “consistent with the red lines we set out in our manifesto.”
For example, a product assembled in Morocco using components from Germany and Turkey could still qualify for preferential treatment under EU trade agreements.
Ministers had indicated that the UK was not looking to take up Sefcovic’s offer, with housing minister Matthew Pennycook telling BBC Radio 4’s Today programme on Thursday: “We’re not seeking to participate in that particular arrangement.”
Pennycook appeared to leave the door open to joining the scheme, however, adding that the UK was “not seeking to participate in it at the present time”.
But he insisted the Government has “no current plans” to join a European customs union, telling MPs he would not give a running commentary on discussions.
But he added that the Government does “not currently have any plans to join PEM, and we are not going to provide a running commentary on every comment that is made.”
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