The UK has a vibrant services economy that supports jobs here at home and our export performance around the world. UK firms already have a foothold into the US economy – exporting nearly £50 billion of services there in 2013 alone.
But by tackling longstanding barriers in key service sectors and by opening up US government procurement contracts, TTIP can support the next wave of exciting, growing UK services companies wanting to export to and invest in the US.
From @LloydsofLondon to @BT_UK #TTIP will help services firms export + expand
Removing barriers to entry for the UK’s worldleading sectors
Currently, there are major barriers to UK firms in some of our most successful services sectors getting into the American market. TTIP can change this – bringing growth and job creation in the UK too.
In transport – UK airlines are more restricted in how much they can invest in US airlines than the other way round, restricting their ability to reach scale and success. And UK shipping companies aren’t allowed to transport goods between US ports at all. In insurance – different collateral requirements in each state mean UK providers stand a much worse chance of winning business in the US. And in our successful telecoms sector – there are major pricing barriers to dynamic UK businesses trying to break into the US market.
Helping UK companies to compete for major US procurement contracts.
The US government pays hundreds of billions of dollars to companies every year that help them deliver vital services to their citizens – TTIP would open those opportunities and the jobs that come with them to UK firms.
But to do that – across sectors like telecoms, transport and energy – we need to see progress in TTIP on:
- Moving away from the current “Buy American” policy often in operation at state and federal level – in the first instance towards making “Buy Transatlantic” the norm.
- Making sure all US States – including the 13 which currently don’t – commit to the globally agreed WTO agreement on procurement (GPA).
- Introducing clear and transparent criteria in the selection and decision-making process when competing for contracts to allow UK firms to plan their bids better and bring certainty to their investment plans here at home.
Learn how household names like Lloyd's and BT could work more in the USA with TTIP