BritishAmerican Business identifies ten areas of importance to the environment for trade and investment between the USA and UK in its 2018 Policy Agenda
New York/London – A new policy agenda outlining broad, horizontal issues that need to be addressed by policy makers as a means of protecting and enhancing trade and investment between the USA and the UK, was released by BritishAmerican Business (BAB), an exclusive members’ organization and the voice of transatlantic business.
Entitled ‘Strength and Opportunity in a Time of Change,’ the agenda underlines the importance of trade and investment between the US and UK, arguably the most successful trading partners in all of history; goods and services worth billions are traded across the Atlantic every month; transatlantic companies generate growth, foster innovation, and most importantly, create jobs and security for many British and American workers and their families. BAB’s Policy Agenda outlines opportunities and challenges that will strengthen trade and investment between these two nations, especially in the following areas:
- Labour mobility: Both the UK and the US find themselves at a crossroad on this important topic. Both governments have the challenging task to craft a policy solution that balances public concern over immigration with the economic reality that immigrants play a significant part in the success of numerous sectors of our economies. BAB welcomes and supports efforts to build upon initiatives such as the recently agreed US-UK Science Agreement, that makes it easier for UK and US scientists to work in both countries, proving how international collaboration around immigration in the context of innovation and growth can work;
- Financial Services: BAB calls on the UK Government to continue efforts with the European Commission towards a new arrangement between the UK and EU that ensures that UK-based firms have continued access to EU-based clients through new mechanisms for regulatory and supervisory cooperation. In the US, BAB supports efforts by the Trump Administration to review the financial services regulatory framework, with the view to remove unnecessary barriers to growth. We caution, however, against any measure that creates additional complexity, unnecessary risk, and increased international regulatory inconsistency.
- Infrastructure: The UK has demonstrated success in building its digital infrastructure; However, the continued delay of major infrastructure projects, such as a third runway at Heathrow Airport, is setting back confidence in the UK’s ability to deliver. In the US, a comprehensive infrastructure program is long overdue. The American Society of Civil Engineers estimates that $4.6 trillion is needed to improve highways, bridges, transit systems and waterworks, and to build out the nation’s power grid and broadband networks. We welcome the Trump Administration’s objective to make infrastructure a key priority. It is now critical that the Administration works with Congress and follows through with visible actions;
- Cyber and data security: A more vibrant and digital transatlantic economy will depend on even greater flows of digital information. For policy makers, the challenge remains putting in place frameworks and legislation that balance concerns about privacy and keeping the internet ‘free’, while not impeding the digital economy that has come to define 21st century commerce;
“At BAB we cannot focus on the level of detail that vertical industry trade associations can bring to their own industry challenges but instead we can highlight those broad horizontal issues that have the power to affect the extraordinarily successful UK/USA commercial relationship, either positively or negatively, in the years ahead,” Duncan Edwards, BritishAmerican Business CEO, said. “Inevitably that means we will be talking about the UK’s future trade relationship with the EU and about the potential for a UK-USA free trade agreement but we also cover questions around labour mobility, infrastructure investment, policy on data and cyber security, tax and more.”
About BritishAmerican Business
BritishAmerican Business is an exclusive members’ organization; it creates networking opportunities for its members, which often lead to business opportunities, through the events and programing that it runs. It also gives you the chance to meet other businesses active in the US and UK, and to discuss policy with government, their representatives and other NGOs. It is also a policy and advocacy organization as the voice of transatlantic business; it supports policies and action designed to protect and enhance the environment for trade and investment between the US and UK through research, published reports and discussion with legislators and the executive branch of both governments.