{ "id": "R44817", "type": "CRS Report", "typeId": "REPORTS", "number": "R44817", "active": true, "source": "EveryCRSReport.com", "versions": [ { "source": "EveryCRSReport.com", "id": 464062, "date": "2017-09-05", "retrieved": "2018-05-10T12:37:33.569119", "title": "U.S.-UK Free Trade Agreement: Prospects and Issues for Congress", "summary": "Prospects for a bilateral free trade agreement (FTA) between the United States and the United Kingdom (UK) are of increasing interest for both sides. In a national referendum held on June 23, 2016, a majority of British voters supported the UK exiting the European Union (EU), a process known as \u201cBrexit.\u201d The Brexit referendum has prompted calls from some Members of Congress and the Trump Administration to launch U.S.-UK FTA negotiations, though other Members have moderated their support with calls to ensure that such negotiations do not constrain the promotion of broader transatlantic trade relations. On January 27, 2017, President Trump and UK Prime Minister Theresa May discussed how the two sides could launch high-level talks and \u201clay the groundwork\u201d for a future U.S.-UK FTA. In July, the two sides launched a U.S.-UK Trade and Investment Working Group to explore a possible post-Brexit FTA. Negotiations on a bilateral FTA between the United States and UK would represent a change in U.S. transatlantic trade policy, which under the Obama Administration had focused on negotiating a U.S.-EU Transatlantic Trade and Investment Partnership (T-TIP) FTA.\nFormal U.S.-UK FTA negotiations cannot start immediately. On March 29, 2017, Prime Minister May sent a letter to the European Council notifying it of the UK\u2019s intention to leave the EU. This triggered the two-year Article 50 exit process under the Treaty of the European Union. Until the UK formally exits, it remains a member of the EU, which retains exclusive competence over trade negotiations. During this time, and in the absence of any preferential trade agreement between the United States and the EU, World Trade Organization (WTO) parameters continue to govern U.S.-UK trade\u2014as they do for U.S. trade with all other EU member states. In the meantime, the United States and the UK could pursue preliminary \u201cinformal\u201d discussions on a potential bilateral FTA. \nThe prospects for a future U.S.-UK FTA depend on a number of variables, including the terms of the UK\u2019s negotiated withdrawal from, and future trade relationship with, the EU, as well as the UK\u2019s redefined terms of trade within the WTO. A U.S.-UK FTA could include reciprocal provisions to expand access to goods, services, agriculture, and government procurement markets; enhance and develop new bilateral trade-related rules and disciplines in areas such as intellectual property rights (IPR), investment, and digital trade; and cooperate on regulatory issues such as transparency and sector-specific concerns.\nCongress has important legislative, oversight, and advisory responsibilities with respect to any potential U.S.-UK FTA. The U.S. Constitution grants Congress the power to regulate commerce with foreign nations. Congress also establishes overall U.S. trade negotiating objectives, which it updated in the 2015 Trade Promotion Authority (TPA) legislation (P.L. 114-26). In addition, Congress would face a decision on future implementing legislation for a final U.S.-UK FTA to enter into force. Under TPA, an FTA could be eligible to receive expedited legislative consideration if Congress determines that the FTA advances trade negotiating objectives and satisfies TPA\u2019s various other requirements, including notification to and consultations with Congress on the status of the negotiations.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R44817", "sha1": "256bbe0688a7111615f526775be914863fe752fe", "filename": "files/20170905_R44817_256bbe0688a7111615f526775be914863fe752fe.html", "images": { "/products/Getimages/?directory=R/html/R44817_files&id=/3.png": "files/20170905_R44817_images_9a9d8ab60f74c38ba97c80f0abe9843c8cf8c056.png", "/products/Getimages/?directory=R/html/R44817_files&id=/1.png": "files/20170905_R44817_images_394ed7ad3b6b995b514643ede533a8d460b3a4a4.png", "/products/Getimages/?directory=R/html/R44817_files&id=/2.png": "files/20170905_R44817_images_d9d588de1f3d249e8c8d4ee78f93b6b18e5c3806.png", "/products/Getimages/?directory=R/html/R44817_files&id=/0.png": "files/20170905_R44817_images_da895e21973dd361c0b94aeccbac5dc0531bf61a.png", "/products/Getimages/?directory=R/html/R44817_files&id=/4.png": "files/20170905_R44817_images_b2d63dc67d3cad7ad8c5831b93dbb266ceb63531.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R44817", "sha1": "985e6a7e799ade0c783be3bf7ea57bbcf5b58e07", "filename": "files/20170905_R44817_985e6a7e799ade0c783be3bf7ea57bbcf5b58e07.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4765, "name": "Trade Agreements & WTO" }, { "source": "IBCList", "id": 4786, "name": "Europe, Russia, & Eurasia" } ] }, { "source": "EveryCRSReport.com", "id": 460466, "date": "2017-04-14", "retrieved": "2017-08-22T15:08:33.524533", "title": "U.S.-UK Free Trade Agreement: Prospects and Issues for Congress", "summary": "Prospects for a bilateral free trade agreement (FTA) between the United States and the United Kingdom (UK) are of increasing interest for both sides. In a national referendum held on June 23, 2016, a majority of British voters supported the UK exiting the European Union (EU), a process known as \u201cBrexit.\u201d The Brexit referendum has prompted calls from some Members of Congress and the Trump Administration to launch U.S.-UK FTA negotiations, though some Members have moderated their support with calls to ensure that such negotiations do not constrain the promotion of broader transatlantic trade relations. On January 27, 2017, President Trump and UK Prime Minister Theresa May discussed how the two sides could launch high-level talks and \u201clay the groundwork\u201d for a future U.S.-UK FTA. Negotiations on a bilateral FTA between the United States and UK would represent a change in U.S. transatlantic trade policy, which has recently focused on negotiating a U.S.-EU Transatlantic Trade and Investment Partnership (T-TIP) FTA.\nFormal U.S.-UK FTA negotiations cannot start immediately. On March 29, 2017, Prime Minister May sent a letter to the European Council notifying it of the UK\u2019s intention to leave the EU, triggering the two-year Article 50 exit process under the Treaty of the European Union. Until the UK formally exits, it remains a member of the EU, which retains exclusive competence over trade negotiations. During this time, and in the absence of any preferential trade agreement between the United States and the EU, World Trade Organization (WTO) parameters continue to govern U.S.-UK trade\u2014as they do for U.S. trade with all other EU member states. In the meantime, the United States and the UK could pursue preliminary \u201cinformal\u201d discussions on a potential bilateral FTA. \nThe prospects for a future U.S.-UK FTA depend on a number of variables, including the terms of the UK\u2019s negotiated withdrawal from, and future trade relationship with, the EU, as well as the UK\u2019s redefined terms of trade within the WTO. A U.S.-UK FTA could include reciprocal provisions to expand access to goods, services, agriculture, and government procurement markets; enhance and develop new bilateral trade-related rules and disciplines in areas such as intellectual property rights (IPR), investment, and digital trade; and cooperate on regulatory issues such as transparency and sector-specific concerns.\nCongress has important legislative, oversight, and advisory responsibilities with respect to any potential U.S.-UK FTA. The U.S. Constitution grants Congress the power to regulate commerce with foreign nations. Congress also establishes overall U.S. trade negotiating objectives, which it updated in the 2015 Trade Promotion Authority (TPA) legislation (P.L. 114-26). In addition, Congress would need to approve future implementing legislation for a final U.S.-UK FTA to enter into force. Under TPA, an FTA could be eligible to receive expedited legislative consideration if Congress determines that the FTA advances trade negotiating objectives and satisfies TPA\u2019s various other requirements, including notification to and consultations with Congress on the status of the negotiations.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R44817", "sha1": "17d79287fe8ecceb3fc9f25f39a612b012cf974b", "filename": "files/20170414_R44817_17d79287fe8ecceb3fc9f25f39a612b012cf974b.html", "images": { "/products/Getimages/?directory=R/html/R44817_files&id=/2.png": "files/20170414_R44817_images_67c98f042a87f9fe74c8091af106bc7088c3a039.png", "/products/Getimages/?directory=R/html/R44817_files&id=/3.png": "files/20170414_R44817_images_9a9d8ab60f74c38ba97c80f0abe9843c8cf8c056.png", "/products/Getimages/?directory=R/html/R44817_files&id=/4.png": "files/20170414_R44817_images_54978bae436296f6ee8a50b49384ecc5291e2307.png", "/products/Getimages/?directory=R/html/R44817_files&id=/0.png": "files/20170414_R44817_images_da895e21973dd361c0b94aeccbac5dc0531bf61a.png", "/products/Getimages/?directory=R/html/R44817_files&id=/1.png": "files/20170414_R44817_images_e59cb05100e1b23fca1aeba599df55cf0f68dcfc.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R44817", "sha1": "734345c5486f9e31b4d62be3bfd0d8fedd104b28", "filename": "files/20170414_R44817_734345c5486f9e31b4d62be3bfd0d8fedd104b28.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4765, "name": "Trade Agreements & WTO" }, { "source": "IBCList", "id": 4786, "name": "Europe, Russia, & Eurasia" } ] } ], "topics": [ "Economic Policy", "Foreign Affairs", "Industry and Trade", "Intelligence and National Security", "National Defense" ] }