U.K. Outlines Objectives for U.S. Trade Talks Worth $4.4 Billion

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The U.K. outlined its negotiating objectives for trade talks with the U.S., seeking a deal it hopes will deliver a 3.4 billion-pound ($4.4 billion) boost to the British economy.

Talks, which are expected to start this month, will seek to protect the National Health Service and uphold food safety and animal welfare standards -- all sticking points in recent dialog between the two sides. The U.K. will also seek a chapter on digital trade and hopes to “futureproof” the agreement against technological developments, according to a statement from the Department for International Trade.

Prime Minister Boris Johnson's government has high hopes for an agreement with the U.S., which its analysis suggests will increase transatlantic trade flows by 15.3 billion pounds. Talks with Brussels over Britain's future trade relationship with the European Union are set to start Monday.

The government expects manufacturers of ceramics, cars and food and drink, as well as service professionals such as architects and lawyers to benefit most from tariff free access to the U.S. market. Scotland, the North East and the Midlands are also forecast to benefit.    

Talks will be overseen by Chief Trade Negotiation Adviser Crawford Falconer. The government also said it will set out its negotiating aims for Australia, Japan and New Zealand “shortly,” with the target of having 80% of external trade covered by free trade agreements by 2022.

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, James Ludden, Linus Chua

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