Talks of trade negotiations now seems such a world away, however the UK continues to progress their relations with other countries and work on trade deals. Talks between the UK and US on a post-brexit agreement are underway.
The first round of talks are expected to last two weeks and take place via videoconference, with further sessions every six weeks.
Whilst the UK governments immediate focus will be on the challenges faced as a result of the pandemic, strong trading agreements with both Europe and the US will support recovery and future growth.
The UK government has estimated that eliminating tariffs and reducing other trade barriers with the US could boost the economy by between 0.07% and 0.16% over the next five years, depending on the exact terms.
Commenting on the news that the UK and US are to open formal negotiations on a future free trade agreement, Adam Marshall, British Chambers of Commerce Director General Adam Marshall, said:
“The government has set a high ambition for UK-US talks, and it will be particularly important to get the details right over the coming months to ensure that any prospective agreement delivers tangible benefits to businesses and communities across the UK.
“Companies will welcome the focus on helping more UK SMEs grow their trade with partners in the US, and on finding ways to move goods, people and data across borders between the two countries more smoothly.
“We will be working constructively with the Government to ensure the needs of UK business communities are considered in negotiations with the USA and with other key trading partners.”
While the EU remain the largest trading partner, total exports in 2018 to the US were worth twice the amount of any other single country.