Liz Truss MP makes statement on UK/US trade deal negotiating objectives
2 March 2020
The Secretary of State for Trade gave a statement to the House today on UK/US trade deal negotiating objectives.
In recent news the government has estimated a post-Brexit trade deal with the United States would boost the UK economy by 0.16% over the next 15 years.
Liz Truss MP: "a crucial step beginning formal negotiations"
Secretary of State for Trade, Liz Truss MP, told the House that today the Government is publishing "a suite of documents that mark a crucial step beginning formal negotiations for a free-trade agreement with our largest bilateral trading partner, the United States."
The Secretary explained that these documents comprise the Government's negotiating objectives, it's response to the public consultation and an economic scoping assessment.
She told the House:
"The UK stands at a historic moment, building it's independent trade policy for the first time in almost half a century. This Government will seize the opportunity to be an independent free trading nation with a simple message - that free-trade is good for all nations and will deliver benefits for businesses, households and consumers across the UK."
Bill Esterson MP: "a fall in GDP of around 150 billion pounds"
Responding on behalf of the Opposition, Shadow Minister for Trade, Bill Esterson MP said that the Opposition supports ambitious trade agreements that unlock economic growth, create new jobs and elevate rights and standards."
The Shadow Minister told MPs:
"Some 20% of our current trade is with the US. It's our second biggest market and we've enjoyed decades of two-way trade without the underlying trade agreement. The Government predicts GDP growth of 0.07 to 0.16%, or 1.6 billion or 3.4 billion pounds as a result of the type of trade deal being proposed with the European Union. Wouldn't it be sensible to prioritise minimising losses of 150 billion pounds rather than chasing much smaller gains of two to three billion?"
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Image: UK Parliament
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