Despite claims that the US would banish Britain to the “back of the queue” if it dared to leave the European Union, Congress is already considering measures to boost trade with the UK.
A bill to lock down current trading arrangements, and fire the starting gun on a bilateral deal, was introduced to the US Senate yesterday.
The United Kingdom Trade Continuity Act mandates the US to keep trading on exactly the same terms after Britain leaves the EU.
US House Speaker @SpeakerRyan calls for trade deal with UK, says he might have voted for Brexit too https://t.co/gtKNumuokT
— Viv J. (@Un_Spin) June 28, 2016
It also urges the President to start fast-track talks with the UK, with the aim of concluding a bilateral trade deal in just one year.
The bill (full text below) was introduced by senators Mike Lee (R-UT) and Tom Cotton (R-AR), who said strengthening the so-called special relationship is in the interest of both nations.
US-UK Free Trade Agreement gathering momentum. Senators Lee & Cotton introduce "United Kingdom Trade Continuity Act" https://t.co/XFiIkdKjKP
— Luke Coffey (@LukeDCoffey) June 30, 2016
It comes after a string of nations made positive noises about stepping up UK trade within days of it ditching the EU, which removes the ability of member states to strike their own deals.
The crucial section of the bill reads: “Not later than 30 days after the date of the enactment of this Act, the President should initiate negotiations with the United Kingdom with the goal of reaching a final comprehensive bilateral trade agreement by the date that is one year after such date of enactment; and the President should make every effort to negotiate such an agreement expeditiously.”
I introduced a bill designed to promote economic stability as the UK transitions out of the EU. https://t.co/n8sfV6E6Lk
— Tom Cotton (@SenTomCotton) June 30, 2016
Such a timescale is in stark contrast to the beleaguered TTIP deal between the US and the EU, which has been under negotiation for more than a decade.
Some experts have suggested that Brexit may have destroyed the deal completely.
While the bill has no power to compel the President to do anything, it would be a strong sign that the US prioritizes closer economic relations with the UK.
In a statement on the bill, Senator Lee said: “Our nation’s special relationship with the United Kingdom has promoted economic prosperity and security in both countries for over a hundred years.
“This relationship can and should be preserved – which is why we have introduced legislation that would minimize uncertainty and promote stability as the United Kingdom declares their independence from the European Union.”
Senator Cotton said strong military ties between the US and UK mean that Britain should get special treatment.
He said the UK “stood with us at the front lines of battle, and it should therefore be at the front of the line for a free trade agreement that benefits both our nations.
“At this time of transition for our ancestral ally, it is in our deepest interest to reaffirm the Special Relationship.
“And it is my hope that our other European allies will also move in the spirit of magnanimity, generosity, and continued friendship as they negotiate new partnerships with the United Kingdom”.
