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United Kingdom–United States free trade agreement

From Wikipedia, the free encyclopedia

UK-US FTA
United Kingdom–United States Free Trade Agreement
  United States (US)
  United Kingdom (UK)
TypeFree trade agreement
ContextTrade and investment between the United Kingdom and the United States
Signednot signed
Negotiators
Parties
LanguageEnglish

The United Kingdom-United States Free Trade Agreement (UKUSFTA) is a proposed free trade agreement between the United Kingdom and the United States.[1][2] Negotiations began in 2020, but have since stagnated.

The UK became able to independently negotiate trade agreements when it left the European Union on 31 January 2020, with a transition period until the end of 2020.

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Transcription

History

Trump Administration

On 28 February 2019, the United States released its negotiating objectives.[3] The United Kingdom released its objectives on 1 March.[4] The United Kingdom and the United States began negotiations on 5 May 2020, and have had four rounds of negotiations as of September 2020.[5][6]

In December 2020, the two countries signed an agreement on various goods, continuing trading terms from previous United States-European Union agreements.[7]

Biden Administration

In 2022, with the administration of President Joe Biden uninterested in further negotiations, the United Kingdom began negotiating economic agreements with individual states.[8] Regulation of international trade is a federal responsibility under the Commerce Clause of the U.S. Constitution, preventing state agreements from changing customs rules; therefore, the UK has aimed at signing Memorandum of Understanding (MoU) agreements with the  U.S. States. MoUs aim to remove market access barriers and increase trade and investment opportunities for UK and US companies. Former British trade minister Penny Mordaunt claimed that US state-level deals would pave the way for a full UK-US FTA.[9]

UK-US State Memorandum of Understanding Agreements
No. Signed State Ref.
1 27 May 2022  Indiana [10]
2 20 July 2022  North Carolina [11]
3 7 December 2022  South Carolina [12]
4 18 April 2023  Oklahoma [13]
5 22 June 2023  Utah [14]
6 25 September 2023  Washington [15]
7 14 November 2023  Florida [16][17]

Trade negotiations ongoing

Following President Joe Biden and UK Prime Minister Rishi Sunak's meeting held in Northern Ireland on the 12th April 2023, talks of a US-UK free trade agreement are now postponed until at the very least 2025.[26]

In June 2023, Biden and Sunak announced the 'Atlantic Declaration' to strengthen economic ties between the UK and the US.[27] The agreement included a limited trade pact covering critical minerals needed for EV batteries and a new data protection deal, in addition to easing trade barriers.[28][29] The declaration commits both nations to increase research collaboration in future technologies, such as AI, future 5G and 6G telecoms, quantum, semiconductors and engineering biology.[30] In addition to a commitment in principle to a new UK-US Data Bridge; that facilitates the transfer of data by UK businesses to certified US organisations.[31]

During the signing of the accession of the United Kingdom to CPTPP on the 16 July 2023, Kemi Badenoch blamed the lack of progress on the UK-US FTA on the change of administration from Donald Trump to Joe Biden after the 2020 election.[32][33]

On 3 October 2023, Biden and Sunak were reported to be preparing a "foundational" trade agreement between the two countries which will be modelled on the Indo-Pacific Economic Framework, however it will not constitute a free trade agreement under World Trade Organization rules as the proposals do not contain market access commitments.[34] The proposed partnership aims to cover subjects such as digital trade, labour protections and agriculture.[35] On the same day, Badenoch reiterated that there was "zero" chance of a free trade agreement under President Biden's administration, citing his attitude to such deals.[36] On 18 December 2023, it was announced that all talks for the "foundational trade partnership" had been abandoned.[37]

Areas covered in the FTA and contention points

  • Trade in Goods
  • Sanitary and Phytosanitary Measures (SPS):
  • Customs and Trade Facilitation
  • Rules of origin
  • Technical Barriers to Trade (TBT)
  • Good Regulatory Practices
  • Transparency, Publication, and Administrative Measures
  • Trade in Services, Including Telecommunications and Financial Services
  • Digital Trade in Goods and Services and Cross-Border Data Flows
  • Investment
  • Intellectual Property
  • Procedural Fairness for Pharmaceuticals and Medical Devices
  • State-Owned and Controlled Enterprises (SOEs)
  • State Subsidies
  • Competition Policy
  • Labour
  • Environment
  • Anti-corruption
  • Trade Remedies
  • Settlement
  • General Provisions
  • Currency

[38]

Documents

United Kingdom

United States

See also

References

  1. ^ "UK and US start trade negotiations". GOV.UK. May 5, 2020.
  2. ^ Pickard, Jim (May 3, 2020). "UK-US trade talks to begin on Tuesday". Financial Times.
  3. ^ "UK publishes negotiating objectives for post-Brexit US trade deal". ITV News. March 2, 2020.
  4. ^ "U.S. Trade Representative Releases Summary of U.S.-UK Trade Agreement Negotiations". Thompson Hine. March 1, 2019.
  5. ^ (1) Lawder (2) Shalal, (1) David (2) Andrea (May 5, 2020). "U.S., UK launch trade talks, pledge quick deal as virus ravages global economy". Reuters. Archived from the original on May 5, 2020.{{cite web}}: CS1 maint: numeric names: authors list (link)
  6. ^ (1) James Warrington (September 22, 2020). "Liz Truss hails 'productive' fourth round of UK-US trade talks". City A.M. Archived from the original on May 5, 2020.{{cite web}}: CS1 maint: numeric names: authors list (link)
  7. ^ U.S.-UK Trade Agreement Negotiations 
  8. ^ "Britain Eyes Trade Agreements With California, Utah". US News. 9 December 2022.
  9. ^ "UK-US: What's happened to their free trade deal?". Made for Minds. 7 July 2023.
  10. ^ "UK and Indiana trade and economic memorandum of understanding". GOV.UK. 27 May 2022.
  11. ^ "UK and North Carolina co-operation and trade memorandum of understanding". GOV.UK. 20 July 2022.
  12. ^ "UK and South Carolina co-operation and trade memorandum of understanding". GOV.UK. 8 December 2022.
  13. ^ "UK and Oklahoma co-operation and trade memorandum of understanding". GOV.UK. 19 April 2023.
  14. ^ "UK and Utah trade and economic cooperation memorandum of understanding". GOV.UK. 22 June 2023.
  15. ^ "UK signs sixth US state deal with Washington State". GOV.UK. 25 September 2023.
  16. ^ "UK and Florida sign pact to boost trade". GOV.UK. 15 November 2023. Retrieved 15 November 2023.
  17. ^ "UK minister sees 'huge opportunities' from trade pact with Florida". Reuters. 14 November 2023. Retrieved 15 November 2023.
  18. ^ "UK has no plans to strike US trade deal during Rishi Sunak visit to Washington". Financial Times. 30 May 2023.
  19. ^ "UK puts pen to paper on fifth trade pact with a US state". GOV.UK. 22 June 2023.
  20. ^ "Joint Statement on UK-Colorado Trade: Huddleston – Polis Meeting". GOV.UK. 31 May 2023.
  21. ^ "UK puts pen to paper on fifth trade pact with a US state". GOV.UK. 22 June 2023.
  22. ^ "Joint Statement on UK-Illinois Trade: Huddleston – Pritzker Meeting". GOV.UK. 18 July 2023.
  23. ^ "UK minister to sign trade pact with Florida Governor DeSantis". The Strait Times. 8 November 2023. Retrieved 20 November 2023.
  24. ^ "UK has no plans to strike US trade deal during Rishi Sunak visit to Washington". Financial Times. 30 May 2023.
  25. ^ "Joint Statement on UK - Texas trade". GOV.UK. 12 July 2023.
  26. ^ Riley-Smith, Ben (2023-04-12). "Exclusive: US trade deal talks won't start until 2025 at the earliest". The Telegraph. ISSN 0307-1235. Retrieved 2023-06-28.
  27. ^ "US and UK back new 'Atlantic Declaration' for economic cooperation". Reuters. 8 June 2023.
  28. ^ "Sunak and Biden agree 'Atlantic Declaration' to boost economic security". Sky News. 8 June 2023.
  29. ^ "What Sunak's Atlantic Declaration is – and isn't". BBC News. 9 June 2023.
  30. ^ "UK and US launch first-of-its kind economic partnership". GOV.UK. 8 June 2023.
  31. ^ "Joe Biden and Rishi Sunak unveil 'Atlantic declaration' to strengthen economic ties". Financial Times. 8 June 2023.
  32. ^ "Kemi Badenoch signs treaty for UK to join Indo-Pacific trade bloc". The Guardian. 16 July 2023.
  33. ^ "UK Joins Pacific Trade Deal, Sees 'Very Low' Chance of US Pact". Bloomberg. 16 July 2023.
  34. ^ "Revealed: Joe Biden and Rishi Sunak seek UK/US trade pact before 2024 elections". Politico. 3 October 2023. Retrieved 3 October 2023.
  35. ^ "US wants UK to open up its agriculture markets as part of new trade deal". The Guardian. 3 October 2023. Retrieved 3 October 2023.
  36. ^ "UK minister says "zero" chance of free trade deal with Biden". Reuters. 3 October 2023. Retrieved 3 October 2023.
  37. ^ "Joe Biden signals he has no interest in signing US-UK trade agreement". The Guardian. 18 December 2023. Retrieved 18 December 2023.
  38. ^ Powney, Mark (May 20, 2020). "UK-US Free Trade Agreement Negotiations Progress". Business News Wales.
This page was last edited on 18 December 2023, at 23:26
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