Illinois is the fifth largest US state by GDP, on a par with economies like the Netherlands.
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 already has MoUs in place with Indiana, North Carolina, South Carolina, Oklahoma and Utah through which the UK is helping companies meet new commercial partners to develop their businesses.
Active engagement with other states, including huge states like Texas and California are ongoing, to sign further arrangements which will make it easier and cheaper for US and UK companies to do business with each other.
The Minister for International Trade Nigel Huddleston MP has now welcomed the Governor of Illinois to announce the intent to also pursue a Memorandum of Understanding (MoU) between the UK and Illinois.
Illinois is the fifth largest US state by GDP, on a par with economies like the Netherlands.
Mr Huddleston said he was pleased to welcome the Governor of Illinois, J.B. Pritzker, to the United Kingdom yesterday. Both Minister Huddleston and Governor Pritzker say they intend to pursue a Memorandum of Understanding (MoU) to further strengthen trade and economic development ties between the United Kingdom and the State of Illinois soon.
Building upon the strong economic relationship between the UK and Illinois, the MoU will aim to remove market access barriers and increase trade and investment opportunities for UK and Illinois companies.
The UK and Illinois already enjoy substantial cooperation on trade and investment. Governor Pritzker’s trade mission to the UK demonstrates the shared commitment to fostering further relationships between the UK and Illinois, with engagement focusing on quantum, clean energy, innovation, science, advanced manufacturing, and technology. In the coming months, UK Government and business representatives will participate in major industry events in Illinois, including Tech Chicago Week, the Midwest Renewables and Energy Storage Forum, and Chicago Quantum week.
Minister Huddleston and Governor Pritzker say they are committed to boosting trade and investment in one another’s economies, and intend that the MOU will benefit all parts of the UK and Illinois.
