Does the Uk Have a Free Trade Agreement with the Us
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The UK and US are two of the world`s most powerful and influential countries, and they have long enjoyed a close trading relationship. However, since the UK`s decision to leave the European Union, the future of this relationship has been thrown into doubt.
So, does the UK have a free trade agreement with the US? The short answer is no, not yet. However, negotiations between the two countries are ongoing, and there is hope that a deal will be reached in the near future.
The UK`s departure from the EU has left it without the trade deals that it enjoyed as part of the bloc. One of the key objectives of the UK government is to secure new trading arrangements with countries outside of the EU, including the US. Talks between the two countries began in May 2020, with both sides expressing a desire to get a deal done quickly.
The UK-US trade relationship is already significant, with around $273 billion worth of goods and services traded between the two countries in 2019. However, any new trade deal would aim to deepen this relationship and remove some of the barriers to trade that currently exist.
The negotiations have been complicated by a number of issues, including disagreements over agricultural standards, access to the UK`s healthcare market, and the role of the UK`s National Health Service. These issues have led to concerns that a deal may not be reached before the end of the year, when the UK`s transition period is due to end.
Despite these challenges, both sides remain committed to reaching an agreement. In September 2020, UK Prime Minister Boris Johnson said that a deal was „there to be done,“ while US President Donald Trump has previously expressed his eagerness to strike a deal with the UK.
In conclusion, the UK does not currently have a free trade agreement with the US. However, negotiations are ongoing, and there is hope that a deal will be reached in the near future. For businesses and consumers on both sides of the Atlantic, a new trade agreement could bring significant benefits, including greater access to markets and lower prices for goods and services.