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US announces intent for trade deals with Japan, EU, UK

19
Oct '18
Courtesy: Pexels
Courtesy: Pexels
US Trade Representative (USTR) Robert Lighthizer recently notified the Congress that the government intends to negotiate three separate trade agreements with Japan, the European Union (EU) and the United Kingdom. “We are committed to concluding these negotiations with timely and substantive results for American workers, farmers, ranchers, and businesses,” he said.

These consultations with the Congress ensure that USTR develops negotiating positions with the benefit of the former’s views, according to an USTR press release.

USTR will also publish notices in the Federal Register requesting the public’s input on the direction, focus and content of the trade negotiations.

US goods and services trade with Japan, EU and the United Kingdom totalled $283.6 billion, $1.2 trillion and $235.9 billion respectively in 2017.

In 2017, the goods and services trade deficits with Japan and EU were $55.5 billion and $100 billion respectively whereas the goods and services trade surplus with United Kingdom was $15.9 billion.

Exports to Japan were worth $114 billion, while imports were worth $169.5 billion. Exports to EU totalled $527 billion and imports totalled $627 billion. Exports to the United Kingdom were $125.9 billion, while imports were worth $110.0 billion. (DS)

Fibre2Fashion News Desk – India


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