UK-US trade agreements examined with automotive, tech and agricultural sectors
31 January 2018
The International Trade Committee continues its inquiry into a potential UK-US free trade agreement with a session focussing on the tech, automotive and agricultural biotechnology industries.
- Watch Parliament TV: UK-US trade relations
- Inquiry: UK-US trade relations
- International Trade Committee
Wednesday 31 January 2018, Grimond Room, Portcullis House
- Giles Derrington, Head of Policy, techUK
- Mike Hawes, Chief Executive, The Society of Motor Manufacturers and Traders
- Mark Buckingham, Chair, Agricultural Biotechnology Council
- Dr. Julian Little, UK Head of Communications and Government Affairs, Bayer CropScience
The automotive, tech and agricultural sectors provide examples of how different sectors could be different priorities for the UK and US, and indicate where a balance may have to be struck in any future trade deal.
The US is an important export for the UK automotive sector, accounting for 14.5% of exports, while the UK market accounts for only 3.4% of export sales for US producers.
In services (which makes up approximately 81% of UK tech sector exports), the UK exported £4.06 billion in telecoms, computers and information services to the USA in 2016. This compares to £2 billion in imports.
Purpose of the session
The session will examine the differing regulatory approaches in the US and EU and explore the implications of the UK aligning with, or diverging from, existing EU regulations for a UK-US Free Trade Agreement (FTA).
It will investigate what steps can be taken in an FTA to improve regulatory cooperation, both now and in the future, and ask what measures can be taken outside of an FTA to facilitate trade between the UK and US. The Committee will also look at key issues such as rules of origin, data protection and intellectual property rights and how such issues may manifest in any future UK-US agreement.