Automotive manufacturers are among the British industries expected to be the biggest winners from tariff free access to the US market.
The agreement hopes to deliver for the whole of the UK, with Scotland, the North East and the Midlands forecast to benefit most from removing barriers to trade with the US.
Government analysis published today shows that the UK economy will benefit from a £3.4 billion boost, as the trade deal will increase transatlantic trade flows by £15.3 billion.
The agreement will include a chapter on digital trade, to maximise opportunities for businesses to trade digitally across the Atlantic.
The Government will set out our negotiating objectives for Australia, Japan and New Zealand shortly, with the aim of having 80% of total UK external trade covered by free trade agreements by 2022.
“Striking ambitious free trade agreements with our partners around the world is one of the key opportunities of Britain becoming an independent trading nation once again,” said international trade secretary, Liz Truss. “This deal with our biggest single trading partner will cut red tape for our small businesses, cut tariffs for our great products from dairy to cars and increase growth in all four nations.”
“It’s encouraging to see the Government’s ambitions to make it easier for skilled people to move between the UK and US, support small business exporters and future-proof any agreement around industries of the future.
“The US and UK already share the world’s largest bilateral investment relationship; now is the time to use it as a springboard for new jobs and investment here at home.”
Department for International Trade www.gov.uk/dit