By Crispian Balmer

ROME (Reuters – Britain doesn’t know when it may get a complete trade deal with America, but plans to sign a Trans-Pacific Trade Partnership next year.

Trevelyan was appointed to her role last month. She met her principal counterparts in person earlier this week.

Trevelyan said that both the United States and Britain want a free-trade agreement, although there’s no timeline for negotiations.

We don’t have a set date. Trevelyan stated that there is still time for a dialogue about the possibility of sector-by-sector discussions on key areas we believe will be included in that comprehensive, complete deal.

Although the British government used to consider a trade agreement with the United States one of the greatest benefits of exiting the European Union, that prospect has almost disappeared since Joe Biden was elected as the U.S. President. His administration is conducting a larger review of trade policy.

Trevelyan declared, “Free trade deals can be monstrous and monstrous. You can make progress in each chapter while considering the entire picture.

The minister stated that London hoped in 2022 to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, (NYSE:).

CPTPP’s trade pact eliminates 95% tariffs among its 11 members — Japan and Canada.

Minister said, “Hope we can tie it down next year. This is very exciting.”

According to British government modeling, joining the CPTPP as it stands today could result in a net increase of 0.1% over the long-term. However, ministers claim it is a way to increase influence in a more China-dominated area.

BREXIT HURDLES

London also wants to boost trade with its old European Union partners. These countries suffered when Britain left the single market.

According to the latest data, British imports fell 9.9% year-on-year in August according to Italy. This was the largest decline for any major country. In contrast, Russia saw its imports rise 107% while China’s was at 42.5% and India at 87.3% respectively. The US however experienced a 17.4% increase in their imports as the global economy recovered from the pandemic coronavirus.

British trade minister said Wednesday that the department would seek a partnership with Italy for trade promotion.

According to recent data, Britain could lose its position as Germany’s 10 top trading partner this year for first time since 1950.

Trevelyan stated that trade disruptions were a temporary phenomenon.

She stated that the logistics involved in changing business systems post Brexit had caused some problems that are now mostly resolved.

Trevelyan made a statement prior to the G20 meeting in Italy this week. She said that she will push her counterparts for reform of WTO and complained about other “market-distorting” practices. This criticism is often directed at China, a G20 member.

Trevelyan stated, “Some delegations were in deeply entrenched positions while others were clearly in positions which had progressed,” but did not provide further information.