Joint Statement of UK International Trade Secretary Liz Truss and USTR Robert Lighthizer
Today the UK’s International Trade Secretary, Liz Truss, and the US Trade Representative, Robert Lighthizer, launched formal negotiations towards a UK-US Free Trade Agreement.
Increased trade is essential to overcome the unprecedented economic challenge posed by Covid-19 and new free trade agreements are an important part of the long-term economic recovery.
It is expected this negotiation round will take place over the next two weeks, carried out by video conference. This sensible approach to negotiations will ensure that talks can progress during the Covid-19 pandemic. It is also expected further rounds will take place approximately every 6 weeks.
Liz Truss said "The US is our largest trading partner and increasing transatlantic trade can help our economies bounce back from the economic challenge posed by Coronavirus. We want to strike an ambitious deal that opens up new opportunities for our businesses, brings in more investment and creates better jobs for people across the whole of the country."
Robert Lighthizer said: "...the United States will negotiate an ambitious and high-standard trade agreement with the UK that will strengthen our economies, support good-paying jobs and substantially improve opportunities for trade and investment between our two countries."
The UK and the US are already each other’s biggest investors, creating high-skilled jobs and stimulating growth in each other’s respective economies.
UK Government analysis shows that a US trade deal could lead to a £15 / $19 billion increase in trade which will be of mutual benefit to the UK and the US including individual States across the US. A UK-US FTA will also aim to secure comprehensive, far-reaching and mutually beneficial tariff reductions.
British-American Business Connections - Pacific Northwest (BABC-PNW) welcomes the US and UK Governments' commitment to forge a new trans-Atlantic trade partnership. This is a challenging time in our shared history and BABC-PNW will be there to support initiatives and policies that enable our members to develop business opportunities in the UK, US and globally.