US-UK Trade Bill In Congress Just One Week After Brexit Vote


By Lukas Mikelionis | 4:39 am, July 1, 2016

Despite claims that the US would banish Britain to the “back of the queue” if it dared to leave the European Union, Congress is already considering measures to boost trade with the UK.

A bill to lock down current trading arrangements, and fire the starting gun on a bilateral deal, was introduced to the US Senate yesterday.

The United Kingdom Trade Continuity Act mandates the US to keep trading on exactly the same terms after Britain leaves the EU.
US House Speaker @SpeakerRyan calls for trade deal with UK, says he might have voted for Brexit too https://t.co/gtKNumuokT

— Viv J. (@Un_Spin) June 28, 2016
It also urges the President to start fast-track talks with the UK, with the aim of concluding a bilateral trade deal in just one year.

The bill (full text below) was introduced by senators Mike Lee (R-UT) and Tom Cotton (R-AR), who said strengthening the so-called special relationship is in the interest of both nations.

US-UK Free Trade Agreement gathering momentum. Senators Lee & Cotton introduce “United Kingdom Trade Continuity Act” https://t.co/XFiIkdKjKP

— Luke Coffey (@LukeDCoffey) June 30, 2016
It comes after a string of nations made positive noises about stepping up UK trade within days of it ditching the EU, which removes the ability of member states to strike their own deals.

The crucial section of the bill reads: “Not later than 30 days after the date of the enactment of this Act, the President should initiate negotiations with the United Kingdom with the goal of reaching a final comprehensive bilateral trade agreement by the date that is one year after such date of enactment; and the President should make every effort to negotiate such an agreement expeditiously.”

I introduced a bill designed to promote economic stability as the UK transitions out of the EU. https://t.co/n8sfV6E6Lk

— Tom Cotton (@SenTomCotton) June 30, 2016
Such a timescale is in stark contrast to the beleaguered TTIP deal between the US and the EU, which has been under negotiation for more than a decade.

Despite claims that the US would banish Britain to the “back of the queue” if it dared to leave the European Union, Congress is already considering measures to boost trade with the UK.

A bill to lock down current trading arrangements, and fire the starting gun on a bilateral deal, was introduced to the US Senate yesterday.

The United Kingdom Trade Continuity Act mandates the US to keep trading on exactly the same terms after Britain leaves the EU.

http://heatst.com/uk/us-uk-trade-bill-in-congress-just-one-week-after-brexit-vote/

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