What is PEM and why is it not a customs union?

You'll have heard all over the news today that the UK has been invited to join the Pan-Euro-Mediterranean convention (PEM) to establish closer trade ties with the EU and others.

We won't attempt to explain how this works, but instead direct you to one of our favourite trade experts, Sam Lowe's latest article which does an admirable and pithy job of explaining the whole thing, and includes his thoughts on the pros and cons of the UK joining PEM.