‘Made in Europe’ EU industrial strategy could hit supply chains, UK minister warns
UK Minister Nick Thomas-Symonds warns that the EU’s ‘Made in Europe’ strategy could disrupt supply chains and raise costs for businesses dealing with the EU.
In a recent statement, UK Minister for EU Relations, Nick Thomas-Symonds, expressed concerns regarding the EU's upcoming 'Made in Europe' industrial strategy, which aims to prioritize European-made products in public procurement and consumer schemes. This proposed legislation is part of the EU's effort to reduce reliance on foreign imports and to enhance local production amid a volatile geopolitical landscape. Thomas-Symonds cautioned that the rigidity of such preferences could adversely affect the UK's integrated supply chains with EU countries, potentially leading to increased costs and trade barriers.
The UK has traditionally benefited from its strong trade ties with EU member states, including Spain, with which it shares significant economic relationships. The minister highlighted the risk that overly stringent requirements could disrupt these established connections, making trade more cumbersome and expensive. He underscored the importance of maintaining fluid trade relations to avoid unnecessary complications that could hamper both UK and EU industries.
Thomas-Symonds' comments reflect broader concerns within the UK regarding the implications of protective trade policies being adopted by the EU. As the bloc moves forward with legislation designed to bolster its own economic resilience, there exists a delicate balance to be struck to ensure that such measures do not inadvertently harm UK-EU trade dynamics, which are crucial for both parties' economic health.