WASHINGTON – Sens. Mike Lee (R-UT) and Tom Cotton (R-AR) introduced the “United Kingdom Trade Continuity Act” Wednesday, a bill designed to promote economic stability and growth as the United Kingdom transitions out of the European Union.
“Our nation’s special relationship with the United Kingdom has promoted economic prosperity and security in both countries for over a hundred years,” Sen. Lee said. “This relationship can and should be preserved,” Lee continued, “which is why we have introduced legislation that would minimize uncertainty and promote stability as the United Kingdom declares their independence from the European Union.”
“The United Kingdom has stood with us at the front lines of battle, and it should therefore be at the front of the line for a free trade agreement that benefits both our nations,” Sen. Cotton said. “At this time of transition for our ancestral ally, it is in our deepest interest to reaffirm the Special Relationship. And it is my hope that our other European allies will also move in the spirit of magnanimity, generosity, and continued friendship as they negotiate new partnerships with the United Kingdom.”
The United Kingdom Trade Continuity Act preserves and promotes our special relationship with the British in two ways:
First, the bill obligates the United States to continue all existing commercial agreements with the United Kingdom as if the United Kingdom were still part of the European Union.
Second, the bill calls on the President to initiate negotiations for new bilateral agreements with the United Kingdom 30 days after the bill is enacted.
You can read the full bill here.