The United Kingdom and the European Union have confirmed a new agreement that is to “import and export food and drinks”. However, the effects on the textile industry are not yet known.
According to a press release from the British government, the agreement that came about in the past six months after “extensive negotiations” has been dealing with sanitary and crop protection -related measures as well as emission trade systems.
Some routine controls of animal and plant products are to be fully abolished, which is “reducing the bureaucracy and the companies are burdened”. In addition, the two regions have agreed on closer cooperation in emissions trading by linking the respective emission trade systems.
According to its own statements, the British government wants to “improve the United Kingdom’s energy security and prevent companies from being imposed by the EU carbon tax that is to come into force next year-which would flow directly into the EU budget”.
Since the Brexit, the United Kingdom has recorded a decline in exports to the EU by 21 percent and a decline in imports by seven percent. The new agreement should “boost the British economy by almost nine billion British pounds by 2040”.
The agreement is a promising step in a lengthy process. The textile industry of both regions is waiting for further agreements that will regulate the trade for clothing and shoes.
This is particularly important if you look at the effects of Brexit on the British luxury goods industry. A study published by Walpole on May 19 showed that luxury goods exports from the EU to the United Kingdom were an average of 43 percent lower than they would have been without Brexit.
The British luxury organization said that companies in this sector are confronted with challenges such as delays in exports, new certification requirements, customs complexities and inconsistent enforcement, which leads to some people abandoning, accepting losses or surgical uncertainty.
The United Kingdom confirmed that it will continue the discussions with the EU about the details of further commitments in the government program.
This article was used with digital tools translated.
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