Several joint events in the US and UK have begun as part of the Government’s plans to boost the two nations’ existing £200 billion trade relationship.
Throughout spring, the UK’s Trade Secretary, Anne-Marie Trevelyan, and her US counterpart, Katherine Tai, will be joined by senior attendees from government, civil society and business to set a strategic direction for a future UK-US trade partnership.
The Government has said that the talks, which will begin with an event in Baltimore, Maryland, on 21-22 March, will be aimed at “deepening trade and investment ties”.
Although these talks are only preliminary, it is the first big step since Brexit towards establishing a formalised trade partnership between the UK and USA.
International Trade Secretary Anne-Marie Trevelyan said: “The US is our biggest trading partner. Our thriving relationship already delivers so much for our economies, businesses and people. Now, more than ever, we recognise the power of deepening trade ties with like-minded allies around the world.
“This new UK-US dialogue is a symbol of our ambition to work even closer with businesses and workers to promote innovation, inclusive economic growth and support jobs on both sides of the Atlantic.
“These events are a huge opportunity to make it even easier, quicker and more cost-effective to do trans-Atlantic trade, but also to tackle the most pressing challenges we face like congested supply chains and climate change.”
The Department for International Trade has said that the Joint UK/US Dialogues are part of its wider approach to improving trade relations with the US, which include measures that can lift barriers at a state level as well.
Why is a UK/US trade deal so important?
The two nations already enjoy a ‘special relationship’ and strong cultural, historical and defence ties, but the UK’s membership of the EU prevented it from forming a free-trade agreement with America.
The creation of such a deal would be a major turning point in improving imports and exports between the two countries.
However, major obstacles remain in the way, not least differing food safety standards and concerns about the influx of privatised healthcare in the UK and its impact on the future of the NHS.
These are matters that will need to be fleshed out during these upcoming talks and in an eventual trade deal.
Reanda UK is a subsidiary of leading independent accountancy firm Grunberg & Co Limited. Our aim is to help businesses and individuals to navigate the UK’s world-renowned business and tax.