UK and US express FTA hopes following trade working group meeting

Industry News | | MIC Customs Solutions |

Foundations for a new free trade deal have been laid out during the first meeting of the new UK-US Trade and Investment Working Group.

The UK and the US have expressed confidence that a free trade agreement (FTA) can be reached following a successful first meeting of their new trade working group.

Representatives from several US and UK government agencies attended the UK-US Trade and Investment Working Group meeting, which discussed ways of providing commercial continuity for businesses as the UK leaves the EU, and new methods of strengthening trade and investment ties.

The group has also started to lay the groundwork for potential negotiations on a post-Brexit FTA between the US and UK, as well as exploring areas where the nations can collaborate to promote open markets around the world.

US trade representative Robert Lighthizer said: "I look forward to building on our already strong economic relationship and furthering our mutual goal of achieving free and fair trade and investment to create good-paying jobs on both sides of the Atlantic."

The US is the single biggest source of inward investment into the UK, with trade between the two countries estimated to be worth about £150 billion (€167.52 billion) a year.