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The NAM delivered a number of key messages to U.S. Commerce Consultant Katherine Tai this week on the U.S.–UK Dialogue on the Way forward for Atlantic Commerce in Aberdeen, Scotland.
What’s taking place: The conferences, convened by Ambassador Tai and UK Secretary of State for Worldwide Commerce Anne-Marie Trevelyan, had been the second in a sequence begun final month in Baltimore.
- The conferences in Aberdeen featured a sequence of dialogues on points together with provide chains, digital commerce, small- and medium-sized enterprises and inexperienced commerce.
- They included U.S. and UK authorities officers in addition to U.S. and UK enterprise, labor and civil society leaders.
What the NAM stated: NAM Vice President of Worldwide Financial Affairs Ken Monahan, who participated in each units of conferences, advised Enter that the NAM made two essential factors to Ambassador Tai, Secretary Trevelyan and different leaders this week.
- “Producers in the USA want numerous sources for commerce to make sure provide chain resiliency—supported by a sturdy community of market-opening, complete, enforceable commerce agreements and different preparations with U.S. allies,” Monahan stated.
- He added that “because the U.S. and the UK take steps to construct a stronger, extra open and safe financial relationship, the NAM urged the launch of talks towards a brand new U.S.–UK market-opening commerce settlement that features sturdy, clear and enforceable outcomes.”
Monahan additionally advised the leaders {that a} commerce take care of the UK ought to embrace a number of key priorities for producers, together with:
- The elimination of tariffs and nontariff limitations;
- Sturdy digital commerce commitments;
- Strong engagement on mental property points;
- Collaboration on requirements, technical laws, testing procedures and conformity evaluation;
- The brokering of widespread approaches to ending pressured labor in international provide chains; and
- Making certain stronger alignment on customs procedures and approaches.
Why it issues: The U.S. and the UK share a powerful commerce and funding relationship.
- It consists of greater than $93 billion in two-way commerce of manufactured items and accrued cross-border funding in manufacturing of greater than $273 billion.
- Key U.S.-manufactured items exports to the UK embrace metals, chemical compounds, transportation tools, pc and digital merchandise and equipment.
The final phrase: “Latest occasions present that we want our pals now greater than at any time in current reminiscence,” Monahan stated. “It’s important that we forge deeper commerce agreements and different financial partnerships with allies just like the UK. It’s also important that we work carefully with the UK and others to make sure provide chain resiliency and deal with shared international financial challenges that our firms face in markets world wide.”
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