The United Kingdom and the United States enjoy one of strongest commercial bilateral relationships in the world. The United States is the UK’s largest single export market. Both countries are each other’s largest source of foreign direct investment. Both economies have shared strengths in services that must be encouraged as the UK resets its economic relationship with the European Union.
The UK’s decision to leave the EU presents both major challenges and significant opportunities for U.S. and UK businesses. The United States and the UK have long been in accord on many trade and investment issues. Many American services suppliers have chosen the UK as their European headquarters in order to benefit from operating inside the EU Single Market. Losing the UK voice in EU decision-making processes and the imposition of new barriers to UK-EU trade will create challenges for U.S.-based companies operating on both sides of the Channel. Still, the UK’s pending departure from the EU provides a unique opportunity for the U.S. and UK to develop a high-standard agreement on future trade in services, as part of a broader agenda to boost trade and investment across the Atlantic.
This report from the U.S. Chamber of Commerce's U.S.-UK Business Council and the Coalition of Services Industries (CSI) considers trade in services between the United States and the UK in the context of Brexit, and underlines business priorities for any future legal arrangement governing U.S.-UK trade in services.
The report covers the following topics in detail:
- Current U.S.-UK services trade and investment flows
- An overview of the Brexit state of play and the implications of the future UK-EU economic relationship for what’s possible in bilateral talks between the U.S. and UK.
- Key horizontal priorities for suppliers across multiple services sectors
- Important priorities for specific services sectors
- Possible legal frameworks for future U.S.-UK trade in services