Europe SMMT News

SMMT comment on the signing of a UK-Mexico trade deal

15 December 2020 #Europe #SMMT News

Mike Hawes, SMMT Chief Executive:

The signing of another trade agreement that rolls over our preferential trade terms that would have expired when we leave the EU is welcome news. Trade between the UK and Mexico in cars, engines and parts is worth hundreds of millions of pounds every year so the imposition of WTO tariffs would have been extremely damaging. UK vehicle production is export led, therefore tariff and quota free trade with all our major overseas partners is absolutely critical and the priority now is for negotiators to agree a deal with our biggest market by far, the EU, without further delay.

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