U.S.-UK RELATIONS AND TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP NEGOTIATIONS (2013-2016)
The article compares U.S. and UK approaches to concluding the Transatlantic Trade and Investment Partnership, given the special relationship between Washington and London. The article is based on official statements and reports as well as the debate in the media. Concluding TTIP was a priority for b...
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| Format: | Article |
| Language: | English |
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MGIMO University Press
2017-11-01
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| Series: | Vestnik MGIMO-Universiteta |
| Subjects: | |
| Online Access: | https://www.vestnik.mgimo.ru/jour/article/view/694 |
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| Summary: | The article compares U.S. and UK approaches to concluding the Transatlantic Trade and Investment Partnership, given the special relationship between Washington and London. The article is based on official statements and reports as well as the debate in the media. Concluding TTIP was a priority for both U.S. President B. Obama and British Prime Minister D. Cameron. The trade agreement is both economic and political in nature. Geopolitically, the agreement may strengthen the role of the West in setting standards in global trade. U.S. and UK approaches were close when it came to the elimination of tariffs and further liberalization of non-tariff barriers. The U.S. was interested in accessing the EU procurement market; nevertheless, the British were more cautious in estimating the possibility of gaining access to U.S. procurement. Initially, the countries diverged on financial services regulation, with the U.S. being against its inclusion in TTIP. Officially, both countries supported including the ISDS mechanism in TTIP. The Brexit victory in the UK and Donald Trump’s election in the U.S. have made the prospects of TTIP even more uncertain. Thus, it is necessary to continue exploring the U.S.-UK approaches to a Transatlantic FTA. If concluded, a future bilateral agreement between the UK and the U.S. might inherit some features of TTIP regarding trade liberalization, eliminating non-tariff barriers and the investment protection mechanism, as the interests of the U.S. and the UK elites converge on many of these issues. |
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| ISSN: | 2071-8160 2541-9099 |