New report lays out opportunities to enhance bilateral trade in services as the UK resets its economic relationship with the EU
WASHINGTON, D.C.— The U.S. Chamber of Commerce’s U.S.-UK Business Council, in conjunction with the Coalition of Services Industries (CSI), today released a new report titled “Services Priorities for a Future U.S.-UK Trade Agreement.” The report is being launched on the occasion of CSI’s 11th annualGlobal Services Summitin Washington and outlines recommendations that would promote innovation, growth and competitiveness.
“As two of the world’s largest and most successful services economies, the United States and United Kingdom are well positioned to lead the way in crafting world-class terms governing trade in services, investment, and digital trade,” said Marjorie Chorlins, Executive Director of the Chamber’s U.S.-UK Business Council.
More than 75% of the workforce is engaged in the services sector in both the U.S. and UK, and services account for approximately 80% of each country’s GDP. Two-way investment is nearly $1.3 trillion, accounting for 2.8 million jobs. The UK is among America’s largest export market and the U.S. is the UK’s single largest export market.
“Notwithstanding these deep ties, there is room to grow.” Chorlins said. “Any U.S.-UK trade agreement should ensure equitable treatment of foreign services providers, maximize the openness of each services market, and provide a foundation for continued innovation and growth in the digital economy.
“When the opportunity presents itself, we urge U.S. and UK negotiators to move quickly to pursue a comprehensive, high-standard agreement that includes advanced commitments on services, investment, and digital trade, and look forward to working closely with both governments to make this vision a reality.”
The report is available in full here.