Britain towards membership in the European customs pact? - The convention would give exporters more flexibility in trade
The UK government will consult businesses on whether the country should join a European customs agreement to simplify rules around international supply chains.
The Pan-Euro-Mediterranean (PEM) Customs Convention relaxes rules of origin, beneficial for firms with international production chains that cross borders.
The government's Trade Strategy says membership would "increase flexibility for UK exporters. The issue of membership therefore merits further consideration, and this is reflected in the responses from businesses," the document says.
The Pan-Euro-Mediterranean Convention covers the 27 EU member states, as well as dozens of other countries in the region, ranging from Turkey, Morocco, Syria to Serbia, Moldova and Ukraine.
The agreement is not a customs union and the UK will still maintain an independent trade policy, as well as set its own tariffs and quotas.
But businesses can benefit from this, as manufacturers who source parts of their products from other Convention countries will face less bureaucracy.
Under international trade rules, products can only benefit from low tariffs in free trade agreements if they are produced in countries that are parties to the agreement.
However, if a product is produced in more than one country, then "rules of origin" determine whether it is counted as domestically produced or as a foreign import.
Under the Pan-Euro-Mediterranean Convention, companies can sometimes count inputs from other members as domestic production, giving them more flexibility, without risking being hit by tariffs.
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