Since leaving the European Union in January 2020, Britain has sought to define a new independent trade policy, keen to cast itself as defender of free trade and eager to drive manufacturing growth by promoting exports of premium ‘Made in Britain’ products.
The UK is currently working with about 20 US states to secure individual trade deals, with the first eight alone accounting for about 20% of the U.S. economy.
The UK has already signed Memoranda of Understandings with Indiana, North Carolina, South Carolina and Oklahoma.
Active engagement with other states, including Texas, Utah and California, is ongoing to sign further arrangements which will make it easier and cheaper for US and UK companies to do business with each other.
A government source says an Memorandum of Understanding (MoU) with Utah is currently very close to being signed.
The first deal with entrepreneurial powerhouse Indiana is already offering UK firms significant opportunities in areas like renewable energy, advanced manufacturing and pharmaceuticals.
The UK is the seventh largest export market for Indiana, and the state buys $1.4 billion worth of goods from the UK. The government say this agreement will act as a springboard to grow this even further.
The UK’s Americas Minister David Rutley is travelling to the heartland of the American Midwest from today (Tuesday, 30 May) to promote UK-US trade ties that support millions of livelihoods on both sides of the Atlantic.
In a visit to Kentucky, Indiana, and Ohio, David Rutley will champion the UK as a great investment and business partner for states across the US, building on the more than $1 trillion already invested in each other’s economies.
The US is the largest destination for UK foreign direct investment, and the UK supports more jobs in America than any other country in the world, with more than 1.2 million people in America working for British businesses.
Economic growth and the creation of better paid jobs is among the five priorities set out by Prime Minister Rishi Sunak and Minister Rutley will discuss with political and business leaders how the UK and US can boost cooperation in key sectors to make their economies more resilient, create jobs and protect livelihoods.
Minister for the Americas and Caribbean David Rutley said:
“The US and the UK have more than $1 trillion already invested in each other’s economies and our relationship drives growth and supports millions of jobs.
“We’re working in partnership to take full advantage of the rich bounty of business opportunities on both sides of the Atlantic.”
During his time in the Midwest, Minister Rutley will hold bilateral meetings with leading state-level political and business figures.
In Ohio, Minister Rutley will also attend the 91st annual US Conference of Mayors in Columbus where he will meet with key political figures to showcase how the UK can work with cities across the country in building trading relationships that can help drive regional economic growth.
The UK is the 2nd largest export market for Kentucky in 2019, with $3.5 billion of exports to the UK in 2022. Kentucky had $1.2 billion of imports from the UK in 2022. The UK was the 4th largest export market for Ohio in 2019, with $1.6 billion of exports to the UK in 2022. Ohio had $1.7 billion of imports from the UK in 2022. The UK is the 7th largest export market for Indiana, with $1.4 billion of goods exported to the UK in 2022. Indiana had $1.7 billion worth of imports from the UK in 2022.
If trading with the USofA is so important, why did an anonymous unelected bureaucrat spokesman for “Number 10″ just categorically and emphatically state,
“We are not seeking to pursue a free trade deal with the US.”