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UK-US Trade Relations

Contents

Terms of reference

Summary

1 Introduction

2 Sequencing and Priorities

Background

Trade Policy Strategy

A UK-US FTA as part of a wider trade strategy

Sequencing of Trade Agreements

Trade-offs

3 Potential Economic Benefits of UK-US Trade Agreement

Current State of UK-US Trade and Investment

Current UK-US Trade Agreements

Potential Economic Benefits of UK-US FTA

Economic Modelling and Trade Agreements

Projected Benefits of UK-US FTA

4 Regulatory Cooperation

Role of Regulation in Trade Agreements

Overview

Regulatory Cooperation Mechanisms

US and EU Regulatory Philosophies

Regulation

Standardisation and Conformity Assessment

Options for Regulatory Cooperation in a UK-US FTA

Introduction

Full alignment with US

Middle ground: global standards and mutual recognition

No alignment with the US

Future Regulatory Cooperation

5 Trade in Goods Case Studies

Background

Reduction in Tariff Barriers

Agriculture

Tariff barriers

Sanitary and Phytosanitary, Animal Welfare and Environmental Regulations

Geographical Indications

Automotive

Tariff Barriers

NTBs

Chemicals / Pharmaceuticals

Tariff barriers

NTBs

Effect on Consumers

6 Trade in Services

Government’s Position on Trade in Services in UK-US FTA

Economic Significance of Trade in Services

Potential Barriers to Liberalisation of Trade in Services

Limitation of FTAs

Regulation and Market Access

Government Procurement

Data

7 Other Lessons from TTIP

Introduction

Transparency, Accountability and Scrutiny of Negotiations

Investor-State Dispute Settlement

Public Services and Intellectual Property Rights

Conclusions and recommendations

Formal minutes

Witnesses

Published written evidence

List of Reports from the Committee during the current Parliament




Published: 1 May 2018