Huge export potential of US trade pact

Peter Hardwick, head of trade development for Eblex, the beef and lamb division of the Agriculture and Horticulture Development Board, highlighted the potential wider benefits the EU-US Transatlantic Trade and Investment Partnership (TTIP) could bring to the beef and lamb sector at a meeting chaired by Food and Farming Minister David Heath and Cabinet Minister Kenneth Clarke.

The UK currently has no US Department of Agriculture-approved beef plants for export. Negotiations on the EU-US TTIP will include tackling differences in regulations, standards and certification, issues central to the future export of beef and lamb to the US from the UK.

The Westminster round table event was organised for industry stakeholders to highlight how to maximise the potential of any future agreement.

It has been estimated that an agreement could enable EU companies to sell an additional 187 billion euros worth of goods and services a year to the US. It has also been suggested that a free trade deal could lead to a 28 per cent increase in EU exports to the US, with the Government anticipating that an agreement could add £10bn annually to the UK economy.

Eliminating current trade barriers to the US could boost the UK’s agri-food sectors by roughly £285m. The first round of talks took place in Washington DC in July, with negotiating groups setting out approaches and aims in a number of areas the TTIP is due to cover. The second round of negotiations is due to take place in Brussels in October.

Mr Hardwick said: “We have a responsibility to help drive the efficiency and profitability of the beef and lamb sector and anything that affects that is relevant to us.”