On 14 June, EU Member States gave the European Commission the green light to start trade and investment talks with the United States of America. This followed the report of a High-Level Working Group on Jobs and Growth published in February 2013, and an in-depth independent study on the potential effects of the EU-US Transatlantic Trade and Investment Partnership.
Prime Minister David Cameron announced the plans for what could be "the biggest bilateral trade deal in history" ahead of the recent G8 summit in Northern Ireland. Formal negotiations will commence on a trade deal “worth hundreds of billions of pounds, aimed at boosting exports and driving growth”.
Further details – including the trade in goods value of EU-US trade – can be found on the European Commission website here.
A ‘frequently asked questions’ paper on the EU-US Transatlantic Trade and Investment Partnership is also available.
To see data values for the top 10 commodities imported and exported between the UK and USA for 2013, click the links below:
To see the USA’s importance to the UK as a trade partner, go to OTS Non-EU pre-prepared tables and click on ‘Top 25 Trading Partners – Imports & Exports’.