Analysis by the government shows that the United Kingdom economy could get a 3.4 billion GBP boost from a US FTA.
The objectives also cover a digital trade chapter, including provisions on data flows, data localization and the moratorium on custom duties. Access to the telecommunications market, protection of intellectual property rights as well as provisions for financial services are also included in the objectives.
Furthermore, the document published today by the government contains an economic impact assessment and the public consultation response. Actual negotiations are expected to begin next month.
Commenting on the release of the objectives, Antony Walker, deputy CEO techUK, said:
“We welcome UK government’s negotiating objectives for a free trade agreement with the United States. We are particularly delighted to see that both the UK and the US have ambitious digital trade objectives, in line with the global gold standards. The UK and the US are the world’s leading exporters of digitally-enabled services. They are also leading global digital innovators and critical players in the supply chain of digital goods and services. The nature of this relationship, as well as the protectionist headwinds that currently shape the international trading relations, make it imperative that the U.K. and the US work together to promote open, rules-based digital trade principles through the bilateral FTA.”