The International Trade Committee continue their inquiry into a
potential UK-US free trade agreement on Wednesday 31 January with a
session focussing on the tech, automotive and agricultural
biotechnology industries. The Committee will hear from
representatives of techUK, the Society of Motor Manufacturers and
Traders, the Agricultural Biotechnology Council and Bayer
CropScience.
The automotive, tech and agricultural sectors provide examples of
how different sectors could be different priorities for the UK
and US, and indicate where a balance may have to be struck in any
future trade deal. The US is an important export for the UK
automotive sector, accounting for 14.5% of exports, while the UK
market accounts for only 3.4% of export sales for US producers.
In services (which makes up approximately 81% of UK tech sector
exports), the UK exported £4.06 billion in telecoms, computers
and information services to the USA in 2016. This compares to £2
billion in imports.
The session will examine the differing regulatory approaches in
the US and EU and explore the implications of the UK aligning
with, or diverging from, existing EU regulations for a UK-US Free
Trade Agreement (FTA). It will investigate what steps can be
taken in an FTA to improve regulatory cooperation, both now and
in the future, and ask what measures can be taken outside of an
FTA to facilitate trade between the UK and US. The Committee will
also look at key issues such as rules of origin, data protection
and intellectual property rights and how such issues may manifest
in any future UK-US agreement.
Grimond Room, Portcullis House
Wednesday 31 January
From 10.00am:
Panel 1
- · Giles
Derrington, Head of Policy, techUK
- · Mike
Hawes, Chief Executive, The Society of Motor Manufacturers and
Traders
Panel 2
- · Mark
Buckingham, Chair, Agricultural Biotechnology Council
- · Dr.
Little, UK Head of
Communications and Government Affairs, Bayer CropScience
