Transatlantic trade body wants new structure for US-UK co-operation

BritishAmerican Business (BAB) has published a white paper calling for a new structure for US-UK trade cooperation.

Building on the priorities set out in BAB 's 2021-2022 Policy Agenda and on input from the transatlantic business community, the paper proposes both governments work to establish a US-UK Trade & Economic Council as a new formalised mechanism for trade and investment cooperation.

The paper recommends that six issue-specific workstreams are established under the umbrella of a US-UK Trade & Economic Council.

These include technology and digital trade, business mobility, climate and sustainability, Small and Medium-Size Enterprises (SMEs), financial services, and multilateral cooperation.

Each workstream has been identified as an area where US-UK cooperation is currently underway or as an area of key interest to the transatlantic business community.

Establishing a formal structure for cooperation is a way to increase the tangible outcomes for both governments and businesses, build on the momentum in ongoing US-UK economic discussions, and lay the foundation for a future US-UK free trade agreement.

BAB CEO Duncan Edwards (pictured) said: “The recommendations outlined in this paper offer a pragmatic yet ambitious way forward for the US-UK trade and investment relationship.

“As both countries look to economically recover from the disruptions caused by Covid-19, it is more important than ever that we see renewed momentum behind the transatlantic trade agenda.

“We continue to believe that a Free Trade Agreement is both desirable and possible but, in the meantime, a US-UK Trade & Economic Council is a way to continue building on what is already a strong economic relationship and lay the groundwork for new forms of transatlantic cooperation. ”

Marjorie Chorlins, senior vice president for European Affairs and executive director of the US-UK Business Council at the US Chamber of Commerce, said: “The US-UK Business Council shares BAB 's interest in advancing closer US-UK trade and regulatory ties, and we look forward to exploring their proposals in depth.

“Any efforts to promote closer engagement must allow for regular stakeholder engagement to ensure they focus on commercially meaningful actions.

“Deepening connections in the digital economy and sustainable economic development are of particular importance. ”