UK-U.S. FTA: First Round of Negotiations Completed; Statement Issued by Secretary of State for Inter
Today the UK Department of International Trade and International Trade Secretary, Liz Truss issued a statement to update on the negotiations on the UK’s future trading relationship with the U.S. Around 200 negotiators from the UK and the U.S. took part in this first round of negotiations for a UK-U.S. Free Trade Agreement (FTA), which was completed over the last two weeks from May 5 to 15, 2020.
The negotiations were conducted virtually with UK and U.S. negotiators participating in extensive discussions in nearly 30 different negotiating groups covering all aspects of a comprehensive trade agreement. The discussions covered a number of workstreams including:
Small to Medium Enterprises (SME)
Rules of Origin
Investment
Technical Barriers to Trade
Digital
Telecoms
Financial Services
Market Access for Goods, Agriculture
Services Sectors
Intellectual Property
Liz Truss said, “Both sides are hopeful that negotiations for a comprehensive trade agreement can proceed at an accelerated pace. Ambassador Lighthizer and I agree that a second virtual round will take place in the weeks of 15 and 22 June… the meetings were positive and constructive, reflecting the mutual commitment to secure an ambitious agreement that significantly boosts trade and investment between our economies, the first and fifth largest in the world.”
The statement also noted a number of areas that showed particular progress with ‘a mutually high ambition for services, investment, and digital trade’ as well as ‘confirmation that both sides will quickly pursue a standalone Small and Medium Enterprises (SME) Chapter and will continue the UK-U.S. SME Dialogue’.
You can find the full statement here on the UK Government site.
Our Pacific Northwest Chapter of British-American Business Connections (BABC-PNW) welcomes the U.S. and UK governments’ commitment to forge a new transatlantic trade partnership. This is a challenging time in our shared history and BABC-PNW will be there to support initiatives, policies, and activities that enable our members to develop transatlantic business opportunities, along with further engage business in the UK and U.S.
Best Regards,
Catherine Filippini Richard Biggs
Executive Director Chair
British-American Business Connections – Pacific Northwest
