On Monday, the Department for International Trade released its negotiating objectives for a UK-USA free trade agreement. The 184-page document explains in detail what the UK wants to get out of a trade deal with America.
The British government will try to angle the talks, which begin this month, towards securing a comprehensive arrangement – that is, a deal that covers a broad range of areas including digital, finance, tech, manufacturing and agriculture. If secured, it estimates this could translate into a £3.4 billion boost to the UK economy.
The government has put its ‘leveling up’ agenda at front and centre of these trade talks, laying out how each region potentially stands to gain from securing a deal with the USA. Its own economic analysis estimates that it’s not London, but rather Scotland, the North East, and the Midlands that are positioned to gain most from removing barriers to trade:
| Northern Ireland | Growth is likely in key exports such as pharmaceuticals, machinery and furniture; greater ease of doing business through removing red tape and non-tariff barriers to trade |
| Scotland | Bolster existing trade in Scottish salmon and Scotch Whisky, while lowering tariffs on cashmere and clothing, and high quality meat |
| The Midlands | Reduce tariffs imposed on the region’s car manufacturers as well as its ceramics and drink exporters; services firms to benefit from increased market access in the US |
| North of England | Increased exports of machinery, road vehicles and manufactured products, exports of luxury clothing and access for lamb and dairy producers to the US market; innovative digital businesses could benefit from agreements on data flows and agreed copyright frameworks |
| Wales | Benefit and build upon its strong exports to the US, with potential to gain market access for lamb, reduced tariffs and export burdens on the automotive sector, as well as Welsh steel and ceramics |
| South West | Reduction of tariffs in key... |
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