According to a former US Treasury official, Britain is not likely to sign a free trade agreement with the United States in the near future. And even if it does, the benefits for the UK will be minimal.
International Trade Secretary Liam Fox, a veteran supporter of leaving the EU, believes that Brexit will allow Britain to make unilateral trade agreements around the world. So a deal with Washington would make Brexit a success.
Currently, Britain is working on adoption of trade deals with Australia and New Zealand, and wants to implement 40 free trade agreements before it leaves the EU.
However, the deal between the UK and US could be made only after the US renegotiation of the North American Free Trade Agreement (NAFTA).
According to Tim Adams, chief executive officer of the Institute of International Finance, the US food production policy would clash with Michael Gove’s promise of a green Brexit.
UK Environment, Food and Rural Affairs Secretary Michael Gove has already said London will not allow imports of US chemical foods as part of the trade deal with the United States.
“That is what the US is side is going to want and it is hard for me to see any bilateral agreement the US would sign where agriculture does not play an important role,” Adams said.
