Free trade could increase economies post epidemic

Published:

On: Jun 2020

The United States of America and the United Kingdom have opened up discussion over a free agreement that both sides could help their economies recover from the coronavirus epidemic. Business leaders and advocacy groups are recommending speed in creating the pact. Powerful investment merges and tariff-free trade also benefit both economies.

In 2018, almost $262 billion in goods as well as services were traded between the two economies. The US Chamber of Commerce said in a statement that the country firms have invested over $750 billion in the United Kingdom and the US business community has an important interest in ensuring the upcoming stability and growth opportunities of the economy of the UK. 

The director of the US Chamber of Commerce said that briefing trade and investment associations will permit both economies to demonstrate their leadership jointly and develop on their shared strengths in services, improved manufacturing, the digital economy, the innovative arts, life sciences and other sectors. The US Chamber of Commerce executives said that the both executives are operating with negotiators from two nations to protect a gold standard trade deal that helps farmers, citizens and workers. 

No agreement, could put businesses at risk. Especially small and medium-sized firm that may not survive a new round of hampering trade tariffs on top of the coronavirus shutdowns.