UK and EU establish trade agreement, future of textiles not yet certain
The UK and the European Union have confirmed a new agreement intended to 'make it easier for food and drink to be imported and exported'. How the textile industry will be impacted is not yet known, however.
According to a press release from the UK government, the deal, which comes after 'extensive negotiations' over the last six months, addresses both Sanitary and Phytosanitary measures (SPS) and Emissions Trading Systems.
While some routine checks on animal and plant products are to be removed completely, 'reducing the red tape that places burdens on businesses', the two regions have also agreed to establish closer co-operation on emissions by linking respective Emissions Trading Systems.
With this, the UK government said that it hopes to 'improve the UK's energy security and avoid businesses being hit by the EU's carbon tax due to come in next year – which would have sent 800 million pounds directly to the EU's budget'.
The UK has faced a 21 percent decrease in exports to the EU since Brexit, and a 7 percent drop in imports. Yet, through the new deal, the government said that the two measures 'are set to add nearly nine billion pounds to the UK economy by 2040'.
While the agreement is a promising step in a long-winded process, the textile industries of both regions will be waiting on further deals that will define trade for apparel and footwear.
This is particularly imperative when noting the impact Brexit has had on the UK luxury industry. A study published by Walpole on May 19 revealed that luxury exports from the EU to the UK were on average 43 percent lower than they may have been without Brexit.
The British luxury organisation said that businesses in this sector face challenges like delays to exports, new certification requirements, customs complexities and inconsistent enforcement, resulting in some leaving the region, absorbing losses or experiencing operational uncertainty.
The UK confirmed that it would continue to hold talks with the EU on the details of further commitments made in the government's manifesto.
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