US & UK experts make joint call for trade deal

Fri, May 12th, 2017

Analysts say new trade deal between US & UK could turbocharge both economies

US and UK experts make joint call for trade deal between the two countries

Two prominent political and economic analysts on either side of the Atlantic say a new trade agreement between the US and Britain could “turbocharge” the economies of both countries.

Matthew Elliot, a political strategist and lobbyist and chief executive of the Vote Leave campaign, and Kory Swanson, chief executive of the North Carolina conservative think tank, the John Locke Foundation, jointly penned an article in the US magazine National Review.

They say many Americans were “surprised” at the calling of a General Election in the UK but added a strong mandate for the winner could ensure a smoother Brexit process.

Strong links

North Carolina provides a base for a number of UK companies including BAE Systems, Compass Group, GSK, and Dunlop Aircraft Tyres employing more than 27,000 jobs in the state.

The UK Government has also revealed plans to open a new trade office in Raleigh, along with others in Minneapolis and San Diego.

Stable rule

In the article, Elliot and Swanson say: “A large Tory majority in the House of Commons also opens the door to at least another decade of stable rule by the pro-free-market, pro-free-trade Conservatives if they are able to pull off a successful Brexit and win another national election in five years.

“This should be welcomed by businesses, even if they previously questioned the merits of the Leave campaign. Some people outside the UK still interpret the Brexit result as a vote for Britain to turn inward and pull up the drawbridge to the world.

“The only way for Brexit to succeed is for the UK to engage fully with the entire world.”

Businesses in the Liverpool city region have extra reason to be excited by the idea of a post-Brexit deal with the US.

Opportunity for Liverpool

Peel Ports has completed its £400m deep water container terminal, Liverpool2, propelling the Port of Liverpool back into the premier league of global ports.

Liverpool2 is equipped to handle 95% of the biggest container vessels in the world.

As Liverpool & Sefton Chamber chief executive, Jenny Stewart, has pointed out, Liverpool is now facing in the right direction for the first time in decades.

The chamber has already helped a number of Merseyside firms gain a foothold in the US and its international trade team is ready and willing to help many more.

On 23 May, acting US Ambassador for the UK, Lew Lukens, is visiting Liverpool to launch an exhibition marking the 100 year anniversary of the USA entering the First World War. As part of the visit he will be meeting with local businesses to understand the opportunities and threats presented by Brexit as well as current trends in the city region.

Close relationship

Elliot and Swanson added: “This close economic relationship exists despite the lack of any formal trade partnership between our two countries.

“President Trump and House speaker Paul Ryan have made clear their commitment to securing a trade agreement with the UK as soon as possible after Brexit.

“Such an agreement has the potential to turbocharge our two economies, and with Trump due to make a state visit to the UK in October, now is the time for both governments to lay the groundwork, hammering out its terms so that it’s ready to be signed the minute Brexit is finalised.

“Now is a time of great change, but also great opportunity.”

If you are looking to trade overseas for the first time or expand your current international reach then Liverpool & Sefton Chamber’s international trade team is ready and willing to help. Call today on 0151 227 1234.

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