The first meeting of the Trade Working Group, made up of
representatives from several US and UK government
agencies and delegations from the UK and US, will focus
on providing commercial continuity for US and UK
businesses as the UK leaves the EU and exploring ways to
strengthen trade and investment ties ahead of the exit.
The Working Group will also begin to lay the groundwork
for a potential, future free trade agreement once the UK
has left the EU, and explore where we can collaborate to
promote open markets around the world.
International Trade Secretary, The Rt Hon MP said:
It is a testament to the political will in both
countries that this Working Group is meeting just a
month after Ambassador Lighthizer and I discussed it in
June. This will be our forum to strengthen the
bilateral trade and investment relationship and deepen
the already extensive economic ties between the UK and
US.
The immediate priority is to give businesses on both
sides of the Atlantic certainty and confidence. Early
discussions will focus on providing commercial
continuity for US and UK businesses as the UK leaves
the EU.
The working group will also start to lay the ground
work for potential negotiations on an ambitious free
trade agreement. The US is our single largest trading
partner therefore we have a strong foundation on which
to build.
US Trade Representative, Ambassador Robert Lighthizer
said:
I warmly welcome Dr Fox and his team back to Washington
to kick off the first meeting of the US-UK Trade and
Investment Working Group.
We expect this Working Group to be a key mechanism to
deepen our already strong bilateral trade and
investment relationship, and to lay the groundwork for
our future trade relationship once the UK has left the
EU.
I look forward to building on our already strong
economic relationship and furthering our mutual goal of
achieving free and fair trade and investment to create
good-paying jobs on both sides of the Atlantic.
Trade between the two countries is already worth about
£150 billion a year.
The US is the single biggest source of inward investment
into the UK, and, according to US statistics, the UK and
US have around $1 trillion invested in each other’s
economies.
