LONDON: UK’s CBI business group made an impassioned plea for Britain to remain in the customs union after Brexit. Staying in an arrangement where there is a single set of tariffs for goods imported from outside the EU, and tariff-free trade within it, would be a “practical, real-world answer” towards solving some of the complex challenges in phase two of the negotiations, including the Irish border question, argued director-general Carolyn Fairbairn. It is debatable whether remaining in the customs union would, in fact, mean a “soft” border could be retained between Northern Ireland and the Republic of Ireland, since there would still need to be checks on the movement of people if the UK left the single market. But it was a brave call, nevertheless. The vast majority of British companies have made it crystal clear that, as far as possible, they want business as usual in their trade with the rest of Europe after the country leaves the EU, even if that means a high degree of alignment with the bloc’s rules. But despite doing what is her job — representing the views of CBI members — Ms Fairbairn was subjected to the usual barrage of criticism from those who regard continued membership in either the customs union or the single market as a betrayal of those who voted for Brexit. The CBI, like many other organisations that continue to believe in the benefits of EU membership, is not arguing for a reversal of the referendum vote. But it is trying to insert the voice of exporters, in particular, into the debate. Business voices across the continent should be raised in its support. Staying in the customs union, while no panacea, would go a considerable way to preserving trading relationships, and with them jobs and investment, in a post-Brexit Europe. Advisers to the government have presented case studies of how EU manufacturers, retailers and others would be affected by tariffs and product controls at borders. During the manufacturing process, a modern car and its 30,000 or so component parts often travel across borders multiple times. Indeed, slowing down supply chains by disrupting border processes would be likely to have almost as big an impact on other countries trading with the UK as on the UK itself. This is because, for the vast majority of industries in Europe, the additional economic activity generated within those chains is larger than the direct output it supports. A visit to the Airbus military aircraft factory in Spain, which uses wings imported from the UK, clearly demonstrates the importance of the ecosystem of manufacturers, academics and recruiters clustered around the facility.
Attock Refinery plans new 50,000 bpd deep-conversion refinery alongside $600m upgrade
ISLAMABAD: Attock Refinery Limited (ATRL) is considering setting up a new 50,000 barrels-per-day (BPD) deep-conversion refinery alongside its planned $600...
