The UK is currently on the path to secure a mega post-Brexit trade deal with the United States after a crunch meeting held last night between international Trade Secretary Liz Truss and Katherine Tai.
Officials have described the trade talks between Truss and Tai as a key moment to bring forward a UK-US Free Trade Agreement.
According to data from the House of Commons library, the UK exported £141 billion of goods and services to the US in 2019, which is about 21 per cent of all exports made in the year.
However, trade experts are currently looking at UK trade deal with the United States to worth between £10bn and £12bn.
Meanwhile, the phone meeting between Liz Truss and Katherine Tai stressed the importance of both powerhouses continuing to work together to build a “closer economic relationship”.
Ms Truss and Ms Tai, however, agreed to hold further meetings, though no specific date has been set aside as yet. Both representatives also acknowledged the UK and America’s special relationship during their call.
Speaking further on the UK-US relationship, a Department for International Trade spokesperson said, “They recognised the US and UK’s shared priority to shape the global trade agenda in 2021, including on issues such as WTO reform, tackling climate change and the future of digital trade and data.”
Liz Truss previously secured an agreement with the US to suspend 25 per cent trade tariffs on Scottish whisky which was slapped on the item by former US President Donald Trump following a 16-year battle with the EU over aerospace subsidies.
Speaking on the progress made so far, the spokesperson said, “Both welcomed the work to de-escalate the Airbus-Boeing dispute, which paves the way for an even stronger trading relationship. They committed to building on this progress to find a fair and permanent settlement.”