Work is underway on a new agreement. The British Government is firmly committed to transatlantic free trade, and beyond that to global free trade. The potential gains of further liberalisation across the Atlantic are enormous. Sweeping away all remaining tariff and non-tariff barriers could generate an extra 70 billion dollars in transatlantic trade. The evidence is that trade liberalisation creates, not destroys jobs.
Free trade is a positive sum game, that benefits all participants.
The predictions for the Uruguay Round, of a rise in world trade of up to 500 billion dollars by 2005, bear that out.