UK Trade Minister Says FTA With US 'Inevitable'

LIz Truss, the secretary of state for international trade in the United Kingdom, said her country is looking forward to "leaving the straitjacket of the EU," and said that a free trade agreement with the U.S. "is the inevitable next step." Truss, who met with U.S. Trade Representative Robert Lighthizer during her visit to Washington, said they're trying to "get things moving."

The U.K. has not had an independent trade policy in 40 years. Truss said the country wants to set up "freeports," the U.K. terminology for free-trade zones. Her remarks were made during a speech Aug. 8 at the Heritage Foundation. She said she would be traveling to Newark, New Jersey, next to see its FTZs and opportunity zones.

Truss said that the U.K. is a natural trading partner for the U.S., since the U.K. is third in billion-dollar technology companies and the U.S. is first, and since both have such substantial foreign direct investment in each other's countries.

The U.K. would also like to arrive at free trade deals with Canada, New Zealand, Japan and Australia, she said. She did not talk about the Trans-Pacific Partnership, which includes all those countries. The new government that just formed -- Truss has had her position for 14 days -- has "98 days to deliver Brexit," she said. "We are ready for the challenge."