The US Chamber of Commerce urged the UK to reach a trade agreement with the European Union as soon as possible. This would help Britain address the uncertainty that is currently limiting foreign investment and might even hinder the trade talks with the US as well.
The UK officially left the EU on January 31, and has to ink a trade deal with the bloc by the end of December. UK Prime Minister Boris Johnson insisted on the current tight timeline and ruled out any attempt to extend the deadline. However, the COVID pandemic altered the plans, making it way more difficult to conduct negotiations. Johnson himself was tested positive and reached the intensive care unit.
Despite everything, the top America business lobby said that
Britain should conclude a trade deal with the EU by all means. The Chamber of
Commerce said
in a statement:
“These negotiations offer a vital opportunity to deepen one of our most successful commercial partnerships and in so doing, help get our economies on the road to recovery.”
The business group insisted that the UK should define its
relationship with Brussels before focusing on trade deals with other countries.
Britain is currently negotiating an updated trade deal with the US.
The value of goods traded between the US and the UK reached $127.1 billion in 2018 while services trade hit $134.8 billion.