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Marketplace Morning Report

Could the U.K. reenter a customs deal with the EU?

Marketplace Morning Report

Marketplace

News, Business

4.5927 Ratings

🗓️ 23 January 2025

⏱️ 7 minutes

🧾️ Download transcript

Summary

From the BBC World Service: As the United Kingdom seeks to “reset” its relationship with the European Union, the bloc’s new trade chief, Maroš Šefčovič, has suggested a new customs arrangement could lessen trade burdens. Also, as Europe shifts away from coal power, solar power is booming as an energy source. And later, Saudi Arabia is embracing the film industry. We’ll discuss some of the economics and complications.

Transcript

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0:00.0

Could the United Kingdom get closer to Europe again, at least for trade?

0:06.0

Live from the BBC World Service, this is the Marketplace Morning Report.

0:09.4

I'm Stephen Ryan, as Mrs. Cifonarion, in for Leanna Byrne. Hello there.

0:13.2

When Brexit happened, the United Kingdom left a free trade area that meant goods moved freely without checks.

0:18.8

Now there's paperwork and physical checks for some things,

0:21.6

but the European Union could consider allowing the UK

0:24.0

to join a pan-European custom scheme,

0:26.6

and that could ease the red tape.

0:28.4

The BBC's economics editor Faisal Islam

0:30.4

has been talking to the EU Trade Commissioner Mara Shefcovic

0:33.3

in Davos at the World Economic Forum.

0:36.3

Are post-Brexit relations between Brussels and London really in a better place?

0:40.1

Definitely, yes.

0:41.7

We are also waiting for the ideas from our British friends about the reset,

0:47.1

how concretely they would like to do it.

0:48.9

Is their scope for a much better relationship,

0:58.0

perhaps not totally frictionless trade, but far fewer frictions than have existed. I think that it might be one of the ideas at the same time as we concluded

1:04.1

also after these very strenuous negotiations of these three agreements that even the best free trade agreement cannot simply replace participation

1:15.3

in the single market. But we respected the choice. We respect, of course, how the UK government

1:20.8

approaches this and this pan-European area is something we could consider. But I haven't heard it

1:27.4

so precisely formulated from our UK counterparts.

1:31.9

EU Trade Commissioner Marashevich at the World Economic Forum in Davos.

...

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