The UK's Chancellor of the Exchequer, Rishi Sunak, and US President Joe Biden are reportedly aiming to finalize a trade agreement before their respective elections next year. While it would not be a comprehensive free trade deal, such an agreement could provide a much-needed boost for both leaders.
Aspirations for a "foundation" trade deal
Leaked documents have revealed that a "foundation" trade deal is being considered, with a goal of signing it before the UK and US voters go to the polls in 2024. While specific details are yet to be revealed, Politico has reported that areas such as farming, digital trade, and environmental standards could see relaxation of current restrictions.
A longstanding desire for a deal
Securing a trade agreement with the US has been a longstanding goal for successive UK Prime Ministers, including the current Conservative government. However, negotiations have faced recurring obstacles and unresolved issues.
Prior collaboration on economic security
Earlier this year, Rishi Sunak and Joe Biden signed the Atlantic Declaration, which aimed to enhance economic security by reducing barriers on critical minerals. This collaboration further highlights the interest of both leaders in strengthening economic ties between the two countries.
Elections looming for both leaders
With President Biden facing re-election in November 2024 and Prime Minister Sunak seeking a historic fifth term for the Conservative Party, securing a trade agreement before the elections would provide a valuable achievement for both leaders.
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