UK, US Extend Trade Talks As 2020 Deal Looks Unlikely
Sumaira FH Published August 12, 2020 | 05:50 PM
London, (UrduPoint / Pakistan Point News - 12th Aug, 2020 ) :Britain said Wednesday trade talks with the United States would continue into the autumn, as hopes fade for a quick deal to coincide with London leaving the European Union's trading regime.
The UK government said "positive progress" had been made after a recent third round of US talks and that both sides had "reaffirmed their commitment to negotiating a comprehensive and ambitious agreement".
The Department for International Trade added the next set of formal negotiations would go ahead in September, but also conceded the coronavirus pandemic had delayed other aspects of the consultations with Washington.
Britain voted in a referendum in June 2016 to leave the EU, and -- after years of political wrangling -- finally quit on January 31 this year.
However, the country is currently in a standstill transition period until the end of the year as it tries to negotiate a new trade deal with Brussels.
Its formal departure from the now 27-member bloc nonetheless allowed London to start trade talks with other countries, including the US -- and negotiations began in May.
Bilateral trade was worth �220.9 billion ($275 billion, 252.
6 billion Euros) last year, and a free trade deal could increase this by �15.3 billion over 2018 levels in the long run, according to the British government.
Prime Minister Boris Johnson had reportedly hoped to wrap up a free trade deal with the US by the end of the year, to showcase as a positive sign of Britain's post-Brexit future.
But with the US congress required to approve any comprehensive trade agreement, and presidential and congressional elections in November, it has become increasingly clear that the ambition would not be met.
Britain's trade department said in its statement that 33 sessions were held in the latest negotiating round -- which took place from July 27 to August 7 -- covering 21 different areas.
"Most chapter areas are now moving into the advanced stages of talks, with particularly detailed, text-based discussions taking place on Intellectual Property," it added.
However, it noted that COVID-19 had forced both sides to postpone a separate discussion round over small and medium-sized enterprises (SMEs) planned to take place in Boston later this year.
"We hope to rearrange in Spring 2021," the department said.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 20 April 2024
Today Gold Rate in Pakistan 20 April 2024
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
More Stories From Miscellaneous
-
Transforming education sector: from job hunters to job creators
1 day ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
5 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
6 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
6 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
9 days ago -
Radio Bahawalpur to broadcast Eid programs
11 days ago
-
DC, DPO Haripur inspect bus terminals to review fares compliance
13 days ago -
Second phase of refugees’ repatriation to start after Eidul Fitr vacations
13 days ago -
Reaping bounties as Ramazan culminates
13 days ago -
Digital transformation – a boon or bane
13 days ago -
Plants’ business: Another casualty of climate change
15 days ago -
Eid shoppers prioritize children’s joy over personal comforts
15 days ago