THE BUSINESS OF INTERNATIONAL TRADE
An update has been published by the Department for International Trade (DfIT) highlighting the status of Free Trade Agreement (FTA) negotations between the UK and United States.
A fourth round of negotiations took place between the two countries between September 8 and September 18. According to the DfIT, a total of 132 sessions have taken place dring the four round of negotations, and discussions are now at "advanced stages".
DfIT's update reports that "In the fourth round, both sides continued to have detailed textual discussions, and negotiators are now in the process of consolidating texts in the majority of chapter areas." The update goes on to say that "Shortly before the fourth negotiating round both sides exchanged their first tariff offers, allowing a series of detailed market access discussions to be held during the round. The exchange of tariff offers is a notable milestone, and the speed at which this stage has been reached demonstrates the momentum behind these negotiations."
DfIT also say that both sides are seeking to continue the negotiations "at pace", to allow for progress to made ahead of the US Presidential Election in November.
In the fourth round of talks, subjects covered topics including Customs and Trade Facilitation, Competition, Technical Barriers to Trade (TBT), Market Access, Financial Services, Rules of Origin, Investment, Cross Border Trade in Services, Industrial Subsidies, Trade Remedies and State Owned Enterprises.
A fifth round of talks is scheduled for October 2020, whilst DfIT say that other subjects are being discussed this week, including on Telecommunications, Intellectual Property, Market Access, and Rules of Origin.
To see the Department for International Trade's full update, go to www.gov.uk/government/news/negotiations-on-the-uks-future-trading-relationship-with-the-us-update--3
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