UK-US Secures Groundbreaking Pharma Trade Agreement

The UK and US have finalized a trade agreement ensuring no import tariffs on UK pharmaceuticals exported to the US for at least three years. In exchange, the UK commits to increasing its expenditure on new medicines while enhancing investment and job creation in the US by UK drug firms.

The United Kingdom and the United States have reached a landmark trade agreement that will allow UK-origin pharmaceuticals to enter the US market without facing import taxes for at least three years. The deal was announced on Monday by officials from both countries.

In return for tariff-free access, UK pharmaceutical companies have committed to increasing investment in the US, promising both financial injections and job creation. Additionally, the UK government pledged a 25 percent increase in its spending on developing new medications, marking the most significant boost in over two decades.

The agreement has been widely celebrated, with UK Science and Technology Secretary Liz Kendall highlighting its benefits for UK patients and pharmaceutical advancements. US Health Secretary Robert F. Kennedy Jr. praised the deal for balancing US-UK pharmaceutical trade. The accord follows an earlier framework agreement between leaders to reduce tariffs on goods like cars and steel.

(With inputs from agencies.)