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US trade deal: Penny Mordaunt highlights UK tactic to target ‘20% of US economic system’ | UK | News

Penny Mordaunt discusses post-Brexit UK-US trade deal

The trade minister described Brexit as a large alternative for the UK and international locations just like the US with a shared imaginative and prescient. Ms Mordaunt revealed that whereas London and Washington DC are within the sixth spherical of free trade deal negotiations at a federal stage, most alternatives lie with particular person US states.

She stated: “We’ve left the EU. There’s a lot of criticism about that. We’re still talking through some of the issues related to that, but this is a massive opportunity for us, but also for countries like the United States who share our vision of capitalism.”

Ms Mordaunt defined that 93 p.c of US progress is generated by some metro areas so she thought of it smart to focus consideration there whereas the UK and US proceed to negotiate a free trade settlement.

The minister informed MPs on Thursday that Britain is anticipated to signal its first financial pacts with US states in May with an association with Texas secured by October.

She informed fellow parliamentarians the primary eight agreements within the pipeline will probably be equal to 20 p.c of the United States’ economic system.

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Trade minister Penny Mordaunt has hailed UK offers with US states (Image: Getty)

Boris Johnson speaks with U.S. President Joe Biden and France's President Emmanuel Macron before a G7 leaders meeting

Boris Johnson with US President Joe Biden and France’s President Emmanuel Macron earlier than a G7 meeting (Image: Getty)

Ms Mordaunt informed GB News on Sunday: “The things that we’re doing at state level are going to remove barriers to trade. Ultimately, it’s about bringing people together – people, money and ideas to solve problems, to create new business opportunities.

“That’s what we’re making an attempt to accomplish that we have to put the onerous work in. We’ve acquired to re-establish these connections.

“In the US we’re talking to 20 states currently. That’s going to be a growing number. This is big stuff. It will reduce costs for business. It will open up new trade opportunities for UK businesses and make it easier for them to provide goods and services to the US.”

She added that the Government can also be pairing up states or giant cities with components of the UK in search of alternatives.

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Anne-Marie Trevelyan, U.K. international development secretary, left, and Katherine Tai, U.S. trade representative

Anne-Marie Trevelyan and Katherine Tai, US trade consultant (Image: Getty)

Boris Johnson shakes hands with his Indian counterpart Narendra Modi

Boris Johnson shakes arms along with his Indian counterpart Narendra Modi (Image: Getty)

Britain has been pursuing an FTA with the administrations of former US President Donald Trump and present incumbent Joe Biden for some years.

Katherine Tai, US counterpart to UK Trade Secretary Anne-Marie Trevelyan, appeared to pour chilly water on the prospect of a trade settlement in March, telling a press convention that such a deal was a “very 20th-century tool”.

Experts have urged Mr Biden is just not that all for free trade agreements and extra involved about selling good high quality jobs within the US, restoring the nation’s lead in superior expertise and the place doable, strategic independence from China.

Dr Peter Holmes, a fellow on the University of Sussex’s UK Trade Policy Observatory, informed Express.co.uk earlier this month: “Biden does not feel opening US markets to British exports is the top priority for trade policy. They are not interested in trade liberalisation.”

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A timeline of Brexit (Image: Express)

With progress stalled on a UK-US free trade deal, the Government has turned its consideration in direction of a concentrate on hanging agreements with particular person states.

On Britain’s world position, Ms Mordaunt stated: “When people say to me what is our role in the world, I say it’s to be ourselves and actually Ukraine – the situation there – is getting us to remember who we are as a nation and what we have to offer – that convening power for people, money and ideas – to bring those things together.

Penny Mordaunt arrives at the Cabinet Office

Penny Mordaunt arrives at the Cabinet Office (Image: Getty)

“We hate seeing bullies. We need to rise up for freedom and we’re moved and motivated once we see braveness in different individuals and that is what our nation’s about.

“We can do a huge amount, whether it’s one trade, on national security or defence, as we are in Ukraine.”

Meanwhile, Prime Minister Boris Johnson informed negotiators to get a free trade settlement completed with India by Diwali in October as he celebrated a “massive push” throughout a meeting with the nation’s chief, Narendra Modi, in New Delhi on Friday.

But he indicated at a press convention that he didn’t attempt to encourage Mr Modi to go additional in dropping India’s neutrality over the Russian President’s invasion of Ukraine.

Mr Johnson conceded there could be troublesome points forward, together with on tariffs, significantly on whisky.

He additionally signalled he was open to accepting greater ranges of migration from India to take expert jobs in Britain.

He stated an FTA would enable Delhi to raise tariffs on British equipment and in flip, the UK may raise tariffs on Indian rice and textiles.

The Prime Minister additionally dedicated to supporting India to build fighter jets in a bid to scale back the quantity of arms the nation buys from Moscow and likewise needs to wean it off Russian gas.

But India’s overseas secretary Harsh Vardhan Shringla stated Mr Johnson put no strain on Mr Modi over his position on Russia’s invasion of Ukraine.

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