US and UK Agree to Start Trade and Investment Negotiations Next Week in Baltimore

U.S. President Joe Biden (right) and U.K. Prime Minister Boris Johnson
[Photo by AP News]

[Asia Economy Reporter Park Byung-hee] The United States and the United Kingdom have agreed to begin trade and investment negotiations next week, the Wall Street Journal (WSJ) reported on the 16th.

According to officials, Katherine Tai, the U.S. Trade Representative (USTR), and Anne-Marie Trevelyan, the UK Secretary of State for International Trade, will hold talks in Baltimore, USA, on the 21st and 22nd. Subsequently, talks are expected to continue in the UK this spring. According to officials from both countries, the discussions next week will cover topics such as easing supply chain disruptions, a decarbonized economy, digital trade, and strengthening labor rights.

The Journal interpreted this as an effort by the U.S. to strengthen economic ties with its allies amid escalating conflicts with Russia and China. UK Prime Minister Johnson has continuously demanded the conclusion of a new free trade agreement (FTA) with the U.S. since completing the UK's withdrawal process from the European Union (EU) in January last year.

The U.S. and the UK began negotiations for an FTA during President Donald Trump's administration in 2019. However, after the new administration took office, President Joe Biden focused on domestic investment, distancing himself from the FTA negotiations.

A USTR official stated that no decision has been made yet on whether to resume FTA negotiations with the UK.

The UK is the seventh largest trading partner of the U.S. As of 2021, the trade volume between the two countries reached $118 billion.

This content was produced with the assistance of AI translation services.