Can a US-UK Trade Agreement Become a Reality in 2021?
9 Pages Posted: 30 Oct 2020
Date Written: January 28, 2020
A US-UK trade agreement would be a major economic policy initiative for both nations. From January through November of 2019, Americans exported $63.6 billion in goods to the United Kingdom, representing 4.2 percent of total US exports. During that same period, Americans imported $57.6 billion in goods from the United Kingdom, or 2.5 percent of total US imports. As a 2018 research paper from the Mercatus Center at George Mason University notes, the United Kingdom is America’s seventh-largest partner in two-way goods trade, the fifth-largest market for US exports, and the leading partner in services trade and foreign direct investment, with more than 1 million Americans working for UK-owned affiliates in the United States. A US-UK agreement would offer both countries the opportunity to lower barriers to trade in important sectors such as motor vehicles, agricultural products, financial services, and digital trade. Recent events in the United Kingdom have brought an agreement closer to reality.
Keywords: Trade, Investment, Liberalization, Free Trade Agreement
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