WASHINGTON, D.C. - The U.S. Chamber of Commerce’s U.S.-UK Business Council welcomes the formal launch of negotiations towards a U.S.-UK trade agreement. In light of the public health crisis and economic downturn arising from COVID-19, these negotiations offer a vital opportunity to deepen one of our most successful commercial partnerships and in so doing, help get our economies on the road to recovery.
“It is important that the United States and United Kingdom officially start talks on a future trade agreement and we are pleased to see both governments take this important first step,” said Myron Brilliant, Executive Vice President and Head of International Affairs, U.S. Chamber of Commerce. “As our countries look for ways to rebuild our economies and get people back to work, these negotiations send a powerful signal that our countries are committed to demonstrating international leadership in promoting open markets and innovation-driven free enterprise.”
The U.S.-UK Business Council released updated priorities for these talks, underlining dozens of areas where a robust agreement will benefit both sides. There are also several issues where the United States and the UK can together demonstrate leadership in advancing strong principles globally.
Marjorie Chorlins, executive director of the U.S.-UK Business Council added: “Deepening our trade and investment ties will allow our economies to build on our shared strength in services, the digital economy, advanced manufacturing, life sciences, and the creative arts, among other sectors. The Council looks forward to working with negotiators from both sides to secure a gold standard trade agreement that benefits workers, farmers, and citizens.”
The United States and the United Kingdom are one another’s largest source of foreign direct investment. U.S. companies have invested $750 billion in the UK, directly supporting 1.5 million British jobs. UK firms have invested $560 billion across all 50 U.S. states, providing jobs for nearly 1.25 million Americans. In 2018, two-way trade in goods and services was valued at $262 billion.
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