Highlights – UK – US trade negotiations
- Both nations have agreed to continue the negotiations apace in the forthcoming months
- Britain had left the European Union earlier this year
- Advanced talks will be held in the negotiation round which is likely to take place in early September
The latest negotiation round between the United Kingdom and the United states continues to make progressive growth. The third negotiation rounds took place from 27th July to 7th August 2020.
What is a free trade deal?
Generally, a free trade agreement aims to address concerns of trading goods and services between the nations, mostly by reducing or eliminating the tax charges to import and export these goods. Trade agreements also aim to lift the limits on the amount of goods that can be traded. Moreover, if the countries have similar trade rules, trading becomes much easier.
The UK- US Free Trade Deal
The UK- US trade negotiations aim to address tax and non-tax barriers to trade in goods, services, and agriculture, investment, and government procurement as well as trade related rules. The first round of these negotiations was conducted in May and June 2020.
After the UK’s exit from the European Union, a free trade agreement has always been on the list . The UK has formally left the EU membership, and the transition period as of now is due December 31st 2020. The free deal is a major priority for the UK and the nation look forward to establishing an independent trade policy.
The latest round had 33 sessions, covering 21 different workstreams. Most of the chapter areas are moving towards an advanced stage of talks. The countries conducted their first text-based discussion on Rules of Origin.
Addition to these negotiations, the International trade minister, Liz Truss, supported the UK’s priorities in the FT. Truss had held a series of meetings with the United States trade representative, Ambassador Robert Lightizer. asserted that the retaliatory tariffs imposed on EU goods were unacceptable and must be removed.
A good negotiation
The UK is a major US trade and economic partner. U.S. Trade Representative Robert Lightizer has dedicated to following an extensive agreement that would be subject to congressional approval and not a limited” skinny deal.” The negotiations will however take time due to the Covid crisis.
Several businessmen of the UK and US and other trade groups see the Free Trade Agreement as an opportunity to enhance market access and align UK regulations more closely with that of the United States .
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