City Corporation responds to publication of negotiation objectives for US FTA


The UK government has published its negotiating objectives and economic assessment for a free trade agreement with the United States.

Predicted economic growth of only 0.16% is anticipated over the next 15 years if the two parties can agree terms on a deal that could lower import taxes or tariffs on exports.

The government has said the NHS is not up for discussion.

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Catherine McGuinness, chair of the City of London Corporation’s policy and resources committee, said: “The UK and USA are the world’s leading exporters of financial services and are each other’s biggest services trading partners, so these negotiations are an opportunity to set a new global standard on what is possible on cross border financial services trade.

“As the biggest contributor to the UK’s trade surplus in services and as a key driver for the prosperity of businesses and households on both sides of the Atlantic, the financial services sector should be a top priority in any future free trade agreement.

“Alongside these discussions, closer cooperation on regulatory issues can play an equally important role in increasing transatlantic trade in financial services.”

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