British International Trade Secretary Liam Fox and U.S. Trade Representative Robert Lighthizer have taken the first steps towards a U.S.-U.K. free trade agreement. The duo recently met to create a working group that will “lay the groundwork” for a bilateral trade deal. However, official negotiations cannot begin until the United Kingdom formally leaves the European Union around April 2019. In 2014, the U.K. was reported to rely on the EU for 27 percent of its food imports. Just 4 percent of food items in the U.K. originated from North America, and 54 percent of food consumed in the U.K. originated in the U.K., according to the U.K. Department for Environment, Food and Rural Affairs.
The newly established U.S.-U.K. Trade and Investment Working Group will explore trade priorities for the two nations.
Source: NAFB News Service