Today, the International Trade Secretary and United States Trade
Representative Robert Lighthizer announced the formal launch of
trade agreement negotiations between the UK and the U.S.
In light of the ongoing global pandemic caused by Covid-19, the
first round of negotiations will be conducted virtually, with UK
and U.S. negotiators engaging in discussions over the next two
weeks in nearly 30 different negotiating groups covering all
aspects of a comprehensive trade agreement.
Both parties agree that a Free Trade Agreement would contribute
to the long-term health of our economies, which is vitally
important as we recover from the challenges posed by Covid-19.
An FTA is a priority for both countries and we share a commitment
to secure an ambitious agreement that significantly boosts trade
and investment. We will undertake negotiations at an accelerated
pace and have committed the resources necessary to progress at a
fast pace.
International Trade Secretary 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. As the Prime
Minister has said, the UK is a champion of free trade and this
deal will make it even easier to do business with our friends
across the pond.
United States Trade Representative Lighthizer said:
Under the leadership of President Trump, 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. This will be an historic
agreement that is consistent with U.S. priorities and the
negotiating objectives established by Congress in U.S. law.
The UK negotiating team will be led by Oliver Griffiths, Director
for US Negotiations at the Department for International Trade;
and the US negotiating team will be led by Dan Mullaney,
Assistant U.S. Trade Representative for Europe and the Middle
East. Over 200 staff from UK and U.S. government agencies and
departments are expected to take part in the negotiations.
An opening plenary today will kick off the detailed discussions,
followed by multiple virtual meetings from Wednesday 6 May to
Friday 15 May. The negotiations build on the work conducted
through the UK-U.S. Trade and Investment Working Group, which was
established in July 2017, partly to lay the ground work for these
negotiations.
A comprehensive UK-U.S. trade agreement will further deepen the
already very strong trade and investment ties between the UK and
United States by creating new opportunities for UK and American
families, workers, businesses and farmers through increased
access to the other’s market.
The United States and the United Kingdom are the first and fifth
largest economies in the world, respectively. Total two-way trade
between the two countries is already worth £230 billion a year.
Each country is the other’s largest source of foreign direct
investment, with over £700 billion invested in each other’s
economies. Every day, over one million Americans go to work for
UK firms, while over one million Britons go to work for American
firms.
The UK-U.S. trade agreement will be a modern agreement designed
for the highly advanced and sophisticated UK and U.S. economies.
Both governments are committed to maintaining high levels of
health, safety, and environmental protection that will serve as a
model free trade agreement for the world.
