What is the Single Market?
We are faced with a range of options for leaving the EU. Each path leads to a drastically different economic future for Wales’.
Plaid Cymru favours Wales retaining membership and participation in the single market.
The Single Market is an area in which people, capital, goods and services can move freely. This allows Welsh people to live and work in Spain or over 30 other European countries who are members of the market.
For the thousands of Welsh business-people, the Single Market is fundamental to them selling goods and services across Europe and the world, through agreed standards, the removal of import taxes and a series of existing international trade agreements.
Around 200,000 Welsh jobs are linked the Single Market, and protecting these is our first priority.
Not only does the Single Market mean that you have more choices when it comes to the things you buy, it give people the certainty that everything from the food they eat to the clothes they wear meets stringent standards.
The difference between access and membership
The freedoms afforded to members of the Single Market mean we have the opportunity to compete economically through international trade, as well as the right to move freely and safely across Europe.
That is not necessarily true for countries who only have Single Market “access”.
Single market “access” should really be called partial or conditional access – as any agreement is likely to have a high price tag.
Almost anyone has “access” to the Single Market, whether it is the United States, Japan or Lesotho. But if businesses in those countries want to sell products in Europe, they face significant challenges.
For example, on average, any business from a country that only has “access” to the Single Market, but wants to sell cars to a country that is a member of the market will have to pay an extra 10% to do so.
This is due to an agreed set of “tariffs” or import taxes which are agreed by Single Market members to protect their own markets from being flooded by imports, which could potentially damage an industry and cost jobs.
It’s not just the right thing to do, it’s common sense
Plaid Cymru accepts the vote to leave the European Union and will be doing everything it can to ensure the best deal possible for the people of Wales following our exit from the EU.
That is why we are campaigning to make sure Wales keeps its membership of the Single Market – to make sure that future generations have the opportunities that they deserve.
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