- UK signs trade MoU with America’s ‘top state for business’,
following agreement with Indiana in May
- The clean growth-focused agreement aims to help businesses on
both sides trade more easily with one another and boost
investment
- Government due to sign more state-level agreements – with
Oklahoma and South Carolina in the coming months
The UK today (20 July) marks another milestone in its US state
level strategy as it signs its second trade and economic
Memorandum of Understanding (MoU) with a US state – North
Carolina.
Like the MoU signed with Indiana in May, the agreement with North
Carolina will look to tackle unnecessary barriers to trade, cut
costs and slash paperwork so British and North Carolinian
businesses can work together more efficiently.
The MoU will boost collaboration in areas such as clean tech and
energy infrastructure by enabling both sides to share ideas,
skills and knowledge, supporting public and private partnerships
and driving capital investment. It will also target trade
barriers, increase investment, and enhance business networks in
previously underinvested regions to support the UK’s levelling up
agenda.
The partnership will seek to accelerate growth in green trade,
particularly in electric vehicles and offshore wind. The UK is
already a global leader in wind power with more offshore
installations than anywhere else in the world.
North Carolina is the ninth largest state in the US in terms of
population and its nearly $550bn GDP is approximately the size of
Sweden’s. Its biggest city Charlotte is the second largest
financial centre in the US after New York and the Piedmont region
is famous for its world-leading clinical research hub, the
Triangle.
The state already buys $1.6bn (or £1.2bn)- of goods from the UK,
making us their 12th largest export market. It offers
UK businesses opportunities in fast-growing industries such as
automotive, cleantech and manufacturing. For instance,
British-based INEOS Automotive has chosen the state to open its
North America HQ in Raleigh.
Minister of State for International Trade, said:
“Our state-level work shows we can be dynamic and creative with
our trade partners. Whilst we continue engaging with Washington
D.C., we’re speaking to businesses and political leaders right
across America – from North Carolina to California – to grow our
already £200bn trade relationship.
“North Carolina is home to some of the US’ most exciting
companies – from Honeywell to Labcorp – and was recently named
America’s top state for business.
“Our twin-track approach to trade with the US is helping cut
bureaucracy, reduce costs and increase exports and investment,
and I look forward to seeing UK businesses reap the benefits.”
The UK is continuing to seek out ways to remove barriers to trade
at a state-level as part of a wider US trade strategy. We plan to
sign additional agreements with Oklahoma and South Carolina in
the coming months, with even more in the pipeline.
The UK has also delivered major trade breakthroughs at the
federal level. This includes removing restrictions preventing
high-quality Welsh lamb and Scottish beef from being sold in the
US and resolving the Section 232 tariff dispute, resulting in the
removal of 25% tariffs on British steel, a huge win for UK
steelmakers.
Duncan Edwards CEO BritishAmerican Business
said:
“On behalf of our network of chapters and members across the UK
and USA, BritishAmerican Business is pleased to see the signing
of a Memorandum of Understanding on trade and investment between
the United Kingdom and the state of North Carolina.
The UK and USA have an outstanding trade and investment
relationship but there is always more that can be done to make it
better. Agreements such as this are helpful in creating
ways for businesses from both markets to fully understand the
opportunities available to them as they plan their expansion
across the Atlantic.”
