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Financial News: UK Needs Most Comprehensive FTA In Services Ever

UK Needs Most Comprehensive FTA In Services Ever Agreed With EU: Committee

03/22/2017 - 04:20:00 (RTTNews)

(RTTNews) - The UK will require the most comprehensive free trade agreement in services ever agreed with the EU, a parliament committee said in a report on Wednesday.

The committee reiterated that the government should prioritize securing agreement to a transitional trading arrangement as part of negotiations under Article 50, the EU Internal Market Sub-Committee said.

The report showed the implications of 'Brexit' for the UK's trade in non-financial services with the EU.

The report considered the potential impact of 'Brexit' on trade in five services sectors, namely professional business services, digital services, creative services, air services, and, tourism, education and health-related travel services.

Prime Minister Theresa May is set to to trigger the exit process on March 29.

The committee advised the government to continue to narrow down uncertainty so that the UK's leading services industries can prepare themselves to survive and flourish under the UK's new relationship with the EU.

They also recommended the government to maintain and increase its engagement with the services industry throughout negotiations.

The UK is the second largest exporter of services in the world and the EU receives 39 percent of the UK's non-financial services exports.

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