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British Foreign Trade Minister Liz Terrace announced Thursday that the UK government is planning to enter into a trade agreement with the United States that includes “mutually beneficial tariff cuts” to ensure that British and American companies have access to each other’s markets.
London – Sputnik. Terrace, a speaker at the country’s parliament, said the trade deal with the United States should “provide comprehensive, far-reaching and mutually beneficial cuts that will increase British firms’ access to the American market, reduce prices and increase the choices of British consumers.”
According to the minister, in the context of the upcoming trade talks, Britain will steadfastly pursue its interests and will be “ready to withdraw” if the terms of the future deal do not meet national interests.
Terrace also stressed that the UK does not intend to compromise on the quality of food and livestock standards.
It should be noted that America is Britain’s second largest trading partner after the European Union. The parties intend to conclude a commercial deal before the end of this year.
Britain left the European Union on February 1, completing the process that lasted three and a half years. After Brexit, a transitional period begins, during which London must reach an agreement with the European Union and other countries on forms of cooperation in all fields.