Lexis®Library update: Both countries have decided to suspend retaliatory tariffs for five years and will work closely to tackle unfair trade practices between non-market economies such as China. The long-standing dispute impacted industries such as Scotch whisky, cashmere and machinery which is said to employ thousands of people across the UK. The DIT says that the development of a co-operative framework for LCA will strengthen and ‘build on the revitalized Atlantic Charter’.
The deal also intends to:
• form a Working Group on LCA which will be led by each side’s respective Trade Ministers. The Group will settle disagreements between both parties and collaborate of developments for the future. The Group will meet upon request or at least every six months
• make each side provide any financing required for LCA production or development
• make each side provide funding for research and development for LCA
• intensify the parties’ co-operation through information sharing, inward and outward investments, as well as joint analysis of non-market practices
Sources:
• Government reaches historic deal on US tariff dispute
• Joint US-UK statement on a cooperative framework for Large Civil Aircraft
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 17 June 2021 and is published with permission. Further information can be found at: https://www.lexisnexis.co.uk/
