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US-UK trade talks continue

The U.S. and U.K. began trade talks yesterday.

In his opening remarks, US Trade Representative Robert Lighthizer said their objective is to write an agreement that will eliminate barriers to trade and incorporate best practices in all sectors. If successful, he says, an agreement will benefit farmers, workers, and businesses on both sides of the Atlantic.

UK Secretary of State for International Trade Liz Truss says increasing transatlantic trade can help US and UK economies bounce back from the coronavirus pandemic. She says a free trade agreement will set new standards that are balanced, transparent, and advanced.

There will be multiple virtual meetings now until May 15. More than 200 staff from the U.S. and U.K. government agencies and departments are expected to take part in the negotiations.

The USTR says total two-way trade between the two countries is about $270 billion each year.