In a significant development, British trade minister Liz Truss said, Britain and the United States are intensifying trade negotiation.
The announcement comes ahead of the start of the fifth round of negotiations focused on goods tariffs.
Britain has placed a trade deal with the United States as a top priority in his post-Brexit to-do list and has cited the freedom to strike bilateral deals as one of the chief benefits of leaving the bloc.
“We’re intensifying negotiations so we are in a good position to move forward after the (U.S.) election,” tweeted Truss. “We want a deal that delivers for all parts of (Britain) and is forward-leaning in modern areas like tech & services.”
Incidentally, despite a stream of positive rhetoric on the prospects of a trade deal between the two, no target date for an agreement has been set; this has led the opposition to question the potential trade deal saying it would mean lowering food safety standards and allow U.S. companies access to the British health system.
When asked to quantify the intensification of talks, Britain’s Department for International Trade disclosed, there would be 40 negotiating sessions over the next two weeks, compared to 29 in the previous round.
“During this negotiating round, there will be a focus on negotiating tariffs on goods, exploring where each side is willing to move beyond their initial offers, which were exchanged in the previous negotiation round,” said a government spokeswoman.
“Our scoping assessment indicates that UK businesses could face savings totalling 493 million pounds ($637 million) from liberalising tariffs as part of an ambitious US deal.”