A possible post-Brexit trade agreement between the UK and the USA was on the agenda when Dr Liam Fox, the UK’s International Trade Secretary, met US Trade Representative Robert Lighthizer recently.
During his first international trip since the general election, Dr Fox agreed with Mr Lighthizer that they will work to strengthen economic links between the UK and the USA.
Trade between the two countries is currently worth some US$230 billion a year. The USA is also the single biggest source of inward investment into the UK, while between them the two have an estimated US$1 trillion invested in each other’s economies.
Commenting after the meeting, Dr Fox said he was delighted to be making the visit to the USA – which is, he pointed out, the UK’s largest single trading partner, accounting for a fifth of all exports.
The talks underlined the shared interest in forging a closer trade and economic relationship, he added, including making progress on policy co-ordination, regulatory issues and expanding trade and investment.
“As our largest single trading partner, we have a strong foundation to build on as we start preparation on joint work to explore a future ambitious trade agreement once the UK has left the EU,” he concluded.
For his part, Mr Lighthizer described the UK as an invaluable trading partner for the USA and said that, as Brexit negotiations begin, he looks forward to working with Dr Fox and the US Congress to lay the groundwork for a future trade relationship, including exploring the possibility of a new US-UK trade agreement.
Meanwhile, the USA is committed to continuing discussions for improving trade and investment, and for co-ordinating action to address global excess capacity issues, Mr Lighthizer added.
