By: Alex Noffsinger, NASDA 2017 Summer Intern
Liam Fox, MP, U.K. Secretary of State for International Trade, appeared at the American Enterprise Institute on Monday, July 24th to provide his thoughts on the future of the United Kingdom’s trade policy. First and foremost, Fox stated that negotiating a trade relationship with European countries will perhaps be the easiest trade negotiation of all time because the two sides will be starting with no tariffs and the same regulatory system.
After trade ties with EU members are renewed, the U.K. will look to sign an FTA with the U.S. In fact, Fox told the AEI audience that a U.S.-U.K. trade and investment working group has already been established under his jurisdiction, which will look to provide certainty and confidence on both sides of the Atlantic while laying the groundwork for a future U.S.-U.K. FTA.
Finally, when asked how TTIP negotiations will impact post-Brexit landscape, Fox said the drag on TTIP wasn’t with the U.S. negotiators but instead the EU wrongly believing the deal is one-sided toward the U.S.
Footnote: Tomorrow the U.K. will release a report that details the U.K.’s trade relationship with each of the U.S.’s 435 Congressional districts.
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