Business groups welcome start of UK-US trade talks
Business groups have welcomed the start of UK-US trade talks today, urging the government to concentrate on Britain’s small and medium sized enterprises (SMEs) in negotiations.
International trade secretary Liz Truss will host a video conference call with US trade representative Robert Lighthizer today to signal the start of negotiations.
The first round of talks will last two weeks and involve an estimated 200 officials, with future rounds expected every six weeks.
CBI deputy director general Josh Hardie said the talks offered a “sign of hope to businesses” and that “an ambitious deal should offer opportunities for all regions and nations of the UK”.
Federal of Small Businesses national chair Mike Cherry added: “With our economy likely to be suppressed for some time, we are going to need small businesses that trade to lead the way.
“Our own findings suggest that the US is the most important individual country market for small firms hoping to export over the next three years, with 46 per cent selecting the country.”
A potential trade deal between the two nations could be worth up to £15bn a year to the UK economy, according to the Department of International Trade.
There has been much controversy in the past year about the UK potentially relaxing its food safety standards to strike a deal with the US.
This could include allowing hormone-treated beef and chlorine-washed chicken to be imported from the US.
However, many have hailed the chance of a trade deal as a new chapter for the UK after leaving the EU in January.
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.”