• Saturday, June 25, 2022

Business

Trade negotiations between UK-US begin

Representational image (iStock)

By: Pramod Thomas

THE UK and US has kick-started free trade agreement negotiations.

The UK minister of State for trade policy Greg Hands MP will meet business and industry leaders, as well as US government representatives in New York, Pennsylvania and Washington.

Securing a trade agreement with the US is a priority for the UK government.

The country is the UK’s largest single trading partner, with total trade reaching £221 billion in 2019.

The UK economy will benefit from a £3.4 billion boost, as the trade agreement will increase transatlantic trade flows by £15.3 billion.

Almost every industry – from agriculture to business services – will benefit, and the government is pushing for a dedicated SME chapter in an agreement to help the UK’s 5.9 million small businesses.

In New York, Minister Hands is attending a meeting with the Manhattan Institute, followed by a roundtable with BritishAmerican Business.

The Minister will then travel to Harrisburg, Pennsylvania, where he will meet Pennsylvania’s Secretary of Agriculture and the Chamber of Commerce.

He will conclude the trip in Washington, where he will meet US representatives to discuss the opportunities around the upcoming trade negotiations.

“From Harrisburg to Harrogate, this deal will benefit people on both sides of the Atlantic. It will scrap unnecessary red tape, bring more opportunities for businesses, lower prices and create better jobs in the UK and the US,” said minister Greg Hands.

“Securing free trade deals will be a key driver in levelling up the UK, and a trade deal with our largest single trading partner will benefit every UK region and nation.”

Duncan Edwards, CEO BritishAmerican Business said: “We will be working closely with Minister Hands and the whole Department for International Trade team as the UK-US negotiations begin later in March to ensure that any agreement fully incorporates the views of businesses large and small trading across the Atlantic.”

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