U.K. Should Strive for Partial Customs Union With EU, IOD Says
- Arrangement would protect manufacturing, allow independence
- Theresa May says the U.K. will leave the EU customs union
Merkel Seeks Clarity on Brexit From May
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Britain should aim for a partial customs union with the European Union once it quits the bloc, according to the Institute of Directors.
An agreement covering industrial goods and processed agricultural products would help maintain the competitiveness of some of the U.K.’s key industries, while allowing the government to forge an independent trade policy, the IOD said in a report published Friday. Members of customs unions refrain from imposing tariffs on each other’s goods and agree to impose common external tariffs.