International Trade Secretary Liz Truss held talks with Katherine Tai,
President Joe Biden’s trade representative last night. The talks, officials said, marked a key moment to bring forward a UK-US Free Trade Agreement.
Figures from the House of Commons library revealed the UK exported £141 billion of goods and services to the US in 2019, 21 percent of all exports.
The Express understands trade officials believe UK trade deal with the US could be worth between £10bn and £12bn.
The talks between Ms Tai and Ms Truss stressed the importance of both nations continuing to work together to build a “closer economic relationship”.
This publication has learnt a “long-term” rough timetable was discussed but no firm date to secure a final deal was outlined.
Both sides agreed to have further discussions, however.
During the call, both Ms Tai and Ms Truss acknowledged the UK and America’s “special relationship”.
This relationship, officials say, was built on a shared belief in freedom and democracy.
A Department for International Trade spokesperson added: “They recognised the US and UK’s shared priority to shape the global trade agenda in 2021, including on issues such as WTO reform, tackling climate change and the future of digital trade and data.”
The International Trade Secretary previously scored a victory after securing an agreement with the US to suspend 25 per cent trade tariffs on Scottish whisky.
Former US President Donald Trump slapped the tariffs on the Scottish whisky following a 16-year battle with the EU over aerospace subsidies.
Commenting on the progress, the spokesperson said: “Both welcomed the work to de-escalate the Airbus-Boeing dispute, which paves the way for an even stronger trading relationship.
“They committed to building on this progress to find a fair and permanent settlement.”
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