Follow Us

Follow us on Twitter  Follow us on LinkedIn

29 October 2015

Reuters: U.S. trade czar says Britain would lose on trade outside the EU

Default: Change to:

The United States is not keen on pursuing a separate free trade deal with Britain if it leaves the European Union, U.S. Trade Representative Michael Froman said, the first public comments from a senior U.S. official on the matter.

Froman's comments undermine a key economic argument deployed by proponents of a British exit, who say the United Kingdom would prosper on its own and be able to secure bilateral free trade agreements (FTAs) with trading partners.

The United States is Britain's biggest export market after the EU, buying more than $54 billion in goods from the United Kingdom in 2014.

"I think it's absolutely clear that Britain has a greater voice at the trade table being part of the EU, being part of a larger economic entity," Froman told Reuters in an interview, adding that EU membership gives Britain more leverage in negotiations.

"We're not particularly in the market for FTAs with individual countries. We're building platforms ... that other countries can join over time."

If Britain left the EU, Froman said, it would face the same tariffs and trade barriers as other countries outside the U.S. free trade network.

"We have no FTA with the U.K. so they would be subject to the same tariffs – and other trade-related measures - as China, or Brazil or India," he said.

Full article in Reuters

© Reuters

< Next Previous >
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information

Add new comment