The Department for Business and Trade recently ran a North America Roadshow, in 12 UK major cities across the UK.
US trade specialists helped to present sessions at the roadshow, on law, banking, tax and state procurement procedures. They offered individual support, to business owners looking at the US and Canadian markets.
The importance of the US as a British export destination led the initiative, which included an update on our trade negotiations.
Post Brexit Changes
Of the 71 trade agreements the UK has signed since leaving the EU, 68 are rollover deals. They are not valueless but leave us in an identical position to when in the EU single market, rather than being new deals.
The other 3 are a partial deal with Japan, alongside more rounded agreements with Australia and New Zealand. Discussions are still under way with India, the Pacific bloc and the Gulf Cooperation Council.
Digital economy deals are also being put in place, such as the recent one with Singapore. UK representatives are making inroads where they can, although a definitive deal with our largest trading partner remains elusive.
A US Trade Deal
The initial negotiation period has come and gone, without any free trade agreement between the US and the UK. The mood music since has not always been ideal and there are economists who question how valuable a deal would be.
Arrangements already in place work reasonably well, removing a few of the barriers to a full deal may not be so beneficial. In purely economic terms, there is room for debate but other reasons exist for agreement.
Events have brought a need for UK and US defence departments to work together, which a trade deal could help with. This would also set a good example, when some countries seem to be favouring protectionism.
The situation in Northern Ireland is well on the way to being resolved and our relationship with the EU is a little better, which the US prefers. They both help to remove discord and may bring a deal closer.
Moving Forward Together
UK trade with the US has risen since Brexit and the Covid pandemic were largely put behind us. There is no reason to feel this progress will cease.
Of course each nation needs to look after themselves and actions in the US to try to deal with inflation are understandable. They do however remain a country which reaches out to others and a natural partner for the UK.
We share so much, from language to culture and core beliefs. The ATA carnets for the US we issue show the breadth of trade with the UK, which is an economic act but also a reflection of the values we jointly hold.