Talks between the EU and the UK are under way to reach a post-Brexit free trade agreement before the end of the year. Although British Prime Minister Boris Johnson insists that an agreement must be reached by 15 October, no agreement has been reached. Trade agreements also aim to remove quotas – limiting the amount of goods that can be traded. In addition to goods, trade in services is also on the agenda. The Uk is keen to improve access to the UK service market in the areas of accounting, architecture and finance, as well as free movement and mutual recognition of professional qualifications. Trade negotiations between the United Kingdom and the United States have officially begun. Both sides are working to secure a free trade agreement – a comprehensive agreement, unlike the recent « China-U.S. mini-agreement, » which focuses on certain export objectives to manage trade between the two countries. Like many relationships right now, this one is over-processed by video. In the short term, the main obstacle to greater cooperation between the United States and the United Kingdom in the area of digital commerce is the decision of the United Kingdom to impose a 2% tax on digital services on technology companies that are disproportionately in the United States.
The United States has just announced a formal investigation into Section 301 on this tax, which was found to be discriminatory. Another political challenge that the UK government appears to be adapting is the UK`s reliance on telecommunications to China`s Huawei for its 5G broadband requirements. The United States would certainly seek assurances that Huawei devices will not be included in future digital innovations. As these two sea states consider new bilateral trading waters, there will be exciting economic benefits to managing and avoiding dangerous depths, while a new navigational compass will be used: the UK`s exit from the European Union and its internal market. Over the past 47 years, the UK has complied with the EU and not US standards and regulations. The UK`s reorientation to the European Union, its largest export market, is itself an important strategic decision. The economic impact of Brexit could reduce the UK`s GDP by 5-10%. In addition to a free trade agreement between the United States and Britain, Britain must also negotiate its trade relations with other countries, particularly Commonwealth countries such as India and Australia, which hold out great promises and can challenge or reduce elements of a free trade agreement between the United States and Britain. But what will move the country in the future? A selective independent route? The United States or a North American trade orientation? A Commonwealth approach? Focus on the Pacific? Most of the chapters are now in the advanced stages of discussions, with particularly detailed and textual discussions on intellectual property.