Washington, DC – The American Chemistry Council has set out the US chemical industry’s recommendations for a trade agreement with the UK in the event of Brexit.
In 2017, the UK imported $2.8 billion of chemicals from the US, as well as being a regional hub for the integrated chemicals manufacturing supply chain. Total trade in chemicals between the two countries amounts to $5.7 billion.
‘A trade agreement that eliminates US tariffs on chemical imports from the UK could save US chemical manufacturers $88m a year,’ ACC’s director of international trade Ed Brzytwa told a public hearing of the Office of the US Trade Representative (USTR). ‘Eliminating UK tariffs on chemical imports from the US would reduce tariffs paid in the UK by $84m. The cost savings from the elimination of tariffs would help boost economic and job growth.’
He concluded his testimony to USTR by calling on both governments to work together to address trade-distorting practices by other countries. ‘ACC and its members stand ready to assist the Administration in the creation of a coalition of allies in the WTO to protect and enforce WTO trading principles around the globe,’ he said.