14:36 GMT17 May 2021
Listen Live
    Get short URL

    LONDON (Sputnik) - UK business leaders on Friday asked the government to go for a hybrid option in its future trade arrangement with Brussels to allow deals with third parties while keeping EU customs barriers down.

    In a 10-page report, entitled "Customising Brexit: A hybrid option for a UK-EU trade framework," the Institute of Directors (IoD) urged London to seek a "bespoke, partial customs union with the EU."

    "This partial customs union would cover industrial and processed agricultural goods, removing the need for UK manufacturing firms to face costly ‘rules of origin’ that could render a tariff-free deal meaningless for many companies in these sectors," the paper said.

    At the same time, the hybrid option would give London the "freedom to forge its own trade policy" and seek free trade deals with other countries in areas not covered, or complement the customs union with a wide-ranging free trade deal on these areas.

    "We must be ambitious in undertaking the most important negotiations this country has embarked on for decades and push for a bespoke solution," IoD head Stephen Martin said in a statement.

    Allie Renison, the author of the paper in charge of Europe and trade policy, said there has been much talk and much less action on forging a UK-EU trade relationship 20 months on from the referendum, in which a majority of UK voters backed leaving the bloc to pursue a global Britain.


    'Big Problem': Analyst Says Stopping Brexit Would Be Disastrous for UK Democracy
    UK to Boost Presence in NATO Command Despite Brexit - Defence Secretary
    'Post Brexit Conflict of Power': No Gaffe in South China Sea Dispute - Analyst
    Boris Johnson Calls for Global Britain to Shape Post-Brexit World
    Billionaire Soros Vows to Spend Additional $138,300 on Anti-Brexit Campaign
    goods, business, economy, agreement, border, trade, customs, Brexit, Institute of Directors (IoD), United Kingdom
    Community standardsDiscussion