Britain may bid to join a trade partnership between the US, Canada and Mexico after Boris Johnson abandons his dream of a bilateral deal with Washington, according to The Granthshala.
As London admitted that a direct free trade agreement (FTA) with the UK is not high on US President Joe Biden’s list of priorities, Boris Johnson admitted: “They have a lot of other fish to fry.” Huh.”
This follows the opening of negotiations, which are expected to conclude next year, for the UK to become the first European member of the CPTPP Pacific trading group, and for tariff-cutting deals with partners around the world to make up for some. The government’s efforts to strike New barriers to trade with the EU are expected to take a long-term hit of 4 percent on GDP as a result of Brexit.
A senior UK government figure said the current impasse over the FTA will not prevent Britain from exploring other avenues to improve trade ties with the US.
These could include links through the CPTPP, a series of smaller regional deals, including the White House’s decision to include the UK as a fourth member in the recent US-Mexico-Canada Agreement (USMCA), or even expressed interest in joining.
The UMSCA came into force in July 2020 on the North American trade deal as a replacement for the earlier NAFTA deal, which was torn down by Donald Trump. Covering sectors from motor vehicles and steel to agricultural produce and data transfer, Washington says the deal should boost US GDP by $68 billion and create 176,000 jobs.
Before this there has been no talk of extending the three-nation system beyond the continent.
But UK government figures said it was an option London was interested in pursuing, adding: “There are many different ways to do this. The question is whether the US administration is ready.”
“The ball is in America’s court. it takes two to tango.”
Credit: www.independent.co.uk /