In a November 6, 2018 letter, Treasury and the Office of the United States Trade Representative (USTR) notified Congress of their intention to negotiate a covered agreement with the United Kingdom (UK). Thereafter, in 2018, the United States negotiated a covered agreement with the United Kingdom, in view of the importance of maintaining regulatory certainty and market continuity on prudential insurance matters with the UK addressed in the U.S.-EU Covered Agreement.
This agreement – formally titled the Bilateral Agreement Between the United States of America and the United Kingdom – was submitted to Congress on December 11, 2018 and on December 18, 2018 it was signed by Secretary Mnuchin, U.S. Trade Representative Lighthizer, and the UK Ambassador to the United States. Consistent with steps taken when the United States signed the U.S.-EU Covered Agreement in 2017, the United States also published a U.S. policy statement regarding implementation of the U.S.-UK Covered Agreement.
The covered agreement with the UK is based upon the provisions of the U.S.-EU Covered Agreement in view of the withdrawal of the UK from the European Union ("Brexit"). The agreement incorporates the respective timeframes of the U.S.-EU Covered Agreement, and addresses the same topics thereof. At the conclusion of the Brexit transition period, the United States and the UK exchanged notices pursuant to Article 8 of the U.S.-UK Covered Agreement, which thereby entered into force as of December 31, 2020.
U.S. and UK Covered Agreement (signed December 18, 2018)
U.S. Covered Agreement Policy Statement (issued December 18, 2018)
Final Covered Agreement Letters to Congress and Full Text (December 11, 2018)
Covered Agreement Letters to Congress (November 6, 2018)
Entry into Force Correspondence (December 21 and 31, 2020)