Ford boss says securing free trade with EU is 'top priority'
CEO Mark Fields says it is important manufacturers in the UK are treated equally as Brexit looms.
Wednesday 30 November 2016 11:52, UK
The global boss of Ford has told Sky News that securing free trade with the EU is a "top priority" and any assurances given by the British government should apply to all car manufacturers.
Ford's chief executive and president, Mark Fields, was speaking at the launch of the next generation Fiesta in Cologne, Germany.
He said the company has been proactive in trying to secure a good deal out of the Brexit negotiations.
He said: "Our priority is to have free trade between the UK and the EU because that would be good for both the overall economy of both countries and to secure, for example, a very stable environment for our workers in the UK of which we have over 14,000 and across Europe."
When asked about the decision by Nissan to build two of its new models in the UK after reportedly getting assurances from the British government, Mr Fields said that it is important all manufacturers are treated equally.
He said: "What our expectation is, is whatever is given should be given to the entire auto industry to keep that playing field very level."
Mr Field added that Ford is committed to the UK and will be watching closely and having ongoing conversations with the Government to see how the process of leaving the EU unfolds next year.
But these are turbulent times for international trade, not just in Europe.
With Donald Trump coming to power across the pond there is a nervousness among multinationals about what a new wave of protectionism could bring.
Doug Lippoldt, a senior trade economist at HSBC, said it has not been a kind year for international trade.
He said: "This emergence of an inward looking populism in the US in particular, it's emerged now that we've had the outcome to the vote but also in France there is some discussions about disrupting the existing trade regime.
"And I think the most vulnerable in this discussion is the industrial sectors, like manufacturing."
It comes as the Society of Motor Manufacturers and Traders has published figures looking at what the impact of a 10% tariff on trade with the EU could cost the motor manufacturing industry.
Their research shows that it could cost £4.5bn a year, which would push up the average car owners bill by £1,500.