Potential for UK to Align with EU Regulations After Brexit: Report
An independent cross-party business group in the UK has proposed that a future government should adopt a “general policy” of alignment with EU regulations to improve post-Brexit trade. The recommendation to align with EU standards in all sectors of production and trade of goods in general was one of 114 proposals presented in a report by the UK Trade and Business Commission, co-chaired by Hilary Benn, a Labor MP and former minister. The ideas, which include setting up a new Board of Trade to act as an independent watchdog for UK trade policy, follow a pledge by the Labor leader Sir Keir Starmer build a “closer relationship” with Brussels if the party wins the next general election.
UK to Work Closely with EU Regulatory Bodies
The Commission has also called for the creation of an EU Regulatory Cooperation Council so that London and Brussels can work together more closely on future rules. It suggested that the UK should strengthen ties with EU regulatory bodies, such as the European Medicines Agency and the European Chemicals Agency, including by providing financial contributions, to promote “cooperation and harmonisation”. The approach would mark a radical change in the current government’s policy of regulatory divergence from the EU. Juergen Maier, the former head of Siemens UK, said policymakers must step in to alleviate the economic damage Brexit inflicted on companies of all sizes.
The Trade and Cooperation Agreement
The government said “The Trade and Cooperation Agreement is the world’s largest free trade agreement with zero tariffs and zero quotas. It secures access to the UK market in all major service sectors and opens up new opportunities for UK businesses around the world. Following the Windsor Framework, both the UK and the EU have publicly committed to further maximize the opportunities of the TCA”. The UK and the EU are allies, trading partners, and friends, and they will continue to work closely with the EU and its institutions on a number of shared interests to support the stability, security, and prosperity of our continent.
Additional Piece:
Brexit had a mixed impact on the UK economy, as some businesses benefited while others were significantly affected. The exit from the EU created a need for companies to adjust to new export regulations, import tariffs, and rules for conducting business with EU partners. The UK Trade and Business Commission aims to alleviate this economic damage by recommending that the UK government align more closely with EU regulations on trade and production. While this approach would mark a significant change in current government policy, the Commission believes it would improve trade relationships with the EU and promote “cooperation and harmonisation” in all sectors.
However, the UK has already promised to align with the bloc’s veterinary and food standards. The Committee has also suggested a youth mobility scheme for people aged 18-30, reciprocal visa arrangements for musicians and other cultural workers, and reunification with an EU scheme to provide group visas for school trips in order to alleviate the impact of the end of EU free movement. The government said that the Trade and Cooperation Agreement is the world’s largest free trade agreement and secures access to the UK market in all major service sectors. Both the UK and the EU are allies, trading partners, and friends, and they will work closely with the EU and its institutions to support the stability, security, and prosperity of our continent.
The Commission’s proposals offer a menu of policies that businesses and policymakers can consider. Paying close attention to these proposals and implementing them could help the UK establish more mutually beneficial terms of trade with the EU and reduce friction at the borders. While it is clear that Brexit has created a lot of uncertainty and change, it has also served as a catalyst for innovation and creative approaches in trade relationships. It is possible that the UK could emerge from this period of adjustment with stronger and more dynamic trade agreements with the EU and the rest of the world.
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A future UK government should adopt a “general policy” of alignment with EU regulations to improve post-Brexit trade, an independent cross-party business group said on Wednesday.
The recommendation to align with EU standards in all sectors of production and trade of goods in general was among 114 proposals presented in a report published by the UK Trade and Business Commission, co-chaired by Hilary Benn, a Labor MP and former minister.
The ideas, which include setting up a new Board of Trade to act as an independent watchdog for UK trade policy, follow a pledge by the Labor leader Sir Keir Starmer build a “closer relationship” with Brussels if the party wins the next general election.
Benn, Speaker of the House of Commons Brexit select committee until it was dissolved by Boris Johnson’s government in January 2021, he said the report provided “a menu of things that could be done to help our businesses grow and thrive”.
“The time has come to listen to companies about what needs to be done to fix the problems we can all see clearly,” he added.
Starmer has vowed to “fix Brexit” after the EU-UK trade and cooperation agreement (TCA) negotiated by Johnson created a series of barriers with Britain’s biggest trading partner. This month, he said “the deal we have, it was said to be ready for the oven, it wasn’t even half cooked.”
But Labor has provided scant details on how it would ease friction at Brexit’s borders by delivering on its promise not to rejoin the EU’s single market or enter a customs union with the bloc.
Based on extensive oral hearings and written evidence from more than 200 businesses and trade groups, the CommissionThe report outlined a number of policy options ahead of the upcoming elections, due by January 2025, and the five-year review of the TCA, which begins the same year. He acknowledged that some of his proposals would require EU cooperation.
To alleviate the impact of the end of EU free movement, the body has suggested a youth mobility scheme for people aged 18-30, reciprocal visa arrangements for musicians and other cultural workers, and reunification with an EU scheme to provide group visas for school trips.
Alongside an agreement to align with the bloc’s veterinary and food standards, which Labor has already promised to work on, the committee has called for the creation of an EU Regulatory Cooperation Council so that London and Brussels can work together more closely. broad on future rules.
He also said the UK should strengthen ties with EU regulatory bodies, such as the European Medicines Agency and the European Chemicals Agency, including by providing financial contributions, to promote “cooperation and harmonisation” .
However, the approach would mark a radical change in the current government’s policy of regulatory divergence from the EU research published in February by the UK in a Changing Europe think-tank showed that businesses had been slow to embrace the idea.
Juergen Maier, the former head of Siemens UK, said policy makers must step in to alleviate the economic damage Brexit inflicted on companies of all sizes.
“The EU is the UK’s largest trading partner and a key factor in standard-setting globally, so ending dogmatic divergence and replacing it with regulatory alignment where beneficial alongside a new cooperation body to facilitate this is really a no-brainer,” he said.
The government said: “The Trade and Cooperation Agreement is the world’s largest free trade agreement with zero tariffs and zero quotas. It secures access to the UK market in all major service sectors and opens up new opportunities for UK businesses around the world. Following the Windsor Framework, both the UK and the EU have publicly committed to further maximize the opportunities of the TCA.
“The UK and the EU are allies, trading partners and friends. We will continue to work closely with the EU and its institutions on a number of shared interests to support the stability, security and prosperity of our continent.”
https://www.ft.com/content/bb322035-5a28-45f4-8d29-ab969e4fd975
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