While agriculture is vital domestically and politically, it is not necessarily a strategic sector for the future. But the future of the digital economy is, and it makes the digital chapter of a free trade agreement between the United States and Britain (or perhaps as an independent effort) one of its main features. Both parties are world leaders in digitally delivered services and digital innovation; the United Kingdom accounts for 23 per cent of US exports of digital supply services. They are also each other`s largest e-commerce markets. A recent CSIS report provides a roadmap for the future digital trade between the United States and the United Kingdom. Again, the Uk may have to make tough decisions on data protection standards and the taxation of digital services that will affect this bilateral trade. London said it would continue to comply with the EU`s general data protection regulations, but would not adopt future rules on online data protection. Although formal negotiations can only begin once the UK has left the EU, the British and US governments have repeatedly stressed their willingness to reach a trade agreement quickly, joint working groups are already meeting regularly to lay the groundwork for an agreement, and in February 2019 the US published its negotiating objectives. Depending on the date of Brexit, a trade deal between the UK and the US could be negotiated and concluded as early as 2020. What should cause traffic jams are the controversial elements of a quality free trade pact. Both sides should negotiate banking regulations that would facilitate the free trade in financial services. They should put an end to the mutual recognition of professional qualifications so that british and American architects, engineers, accountants and others can work freely on both sides of the Atlantic.
There should be mutual recognition of product safety rules and inspections. Given that the agreement still needs to be negotiated and that the UK government is keeping its objectives secret, we do not know exactly what its provisions will be. However, the United States has made it clearer what it will do in a trade agreement between Britain and the United States. Some of these provisions would have profound negative effects on health, well-being and the environment. British civil society organisations, coordinated by the Trade Justice Movement, have therefore developed a series of red lines for the agreement that are available here. During the 2016 referendum campaign, senior campaign officials promised a trade deal between the UK and the US, one of the main prices of Brexit.