Fostering deeper regulatory cooperation and the modernisation of cross-border re/insurance market access and data rules have been highlighted as themes that should be discussed surrounding the U.S. / UK trade negotiations, according to Steve Simchak, Vice President and Chief International Counsel of the America Property Casualty Insurance Association (APCIA).
Testifying recently before the Office of the United States Trade Representative and the Trade Policy Staff Committee, on the negotiation objectives of the U.S. / UK trade agreement, Simchak noted that Brexit would have an impact on the negotiations.
“APCIA expresses strong support for negotiating a mutually-beneficial U.S.-U.K. trade agreement on financial services. The U.S.-U.K. are home to the world’s top two financial centers and share similar attitudes towards harnessing the insurance sector to foster economic growth and job creation.
“These negotiations are a unique opportunity to strengthen the financial markets in both countries and establish shared international leadership in the financial services industry at a time of significant change in global finance and international trade flows,” he said.
In light of the uncertainty surrounding the Brexit outcome and the need for continued discussion on the bilateral agreement between the U.S. and the UK, Simchak said that two themes that should be included in negotiations are the fostering of deeper regulatory cooperation, and modernising cross-border insurance market access and data rules.
