Business and industry leaders have met with International
Trade Minister this week in Texas to
discuss the benefits of future UK-US Free Trade Agreement
and help promote British SMEs overseas.
During his trip, Mr Burns has visited Houston where he
hosted a lunch with British businesses based in the city
and toured NASA to promote the UK aerospace industry. He
then traveled to Dallas where he gave a speech to students
at Texas A&M university about the trading opportunities
ahead for businesses in both the UK and US and hosted a
roundtable with UK defence and aerospace firms.
Discussions focused on a range of issues including the
opportunities available to strengthen current trade and
investment ties between the UK and Texas, worth almost
$14bn in 2018 alone, as well as the wider benefits of a
future UK-US FTA and the advantages of reducing non-tariff
barriers for businesses.
Minister of State, The Rt Hon said:
Negotiating and signing a new ambitious free trade
agreement with the US is one of the government’s top
priorities. I am delighted to be in the great state of
Texas this week to demonstrate the opportunity of such a
deal. If Texas were a country it would be the 10th
largest economy in the world.
A future trade agreement could help reduce barriers and
bring benefits to thousands of small businesses by
reducing costs while also strengthening sectors like
manufacturing and professional and business services
where we already enjoy a strong trading relationship. As
we work towards the US-UK FTA there is much we can do at
a State level to increase trade.
In visiting the USA so soon after we left the EU I want
to reinforce the message that we are entering a new phase
of an internationalist global Britain.
The UK will negotiate a new UK-US FTA that will champion UK
business and unlock new markets for SMEs in the US.
The UK is currently the largest single foreign investor in
Texas. Bilateral trade between the UK and Texas was worth
almost $14 billion in 2018 alone; roughly twice as much as
trade between the UK and Mexico.
86% of UK businesses exporting goods to the US are SMEs. A
free trade agreement could remove tariffs, in particular
for small and medium sized businesses.
The UK is committed to negotiating a comprehensive free
trade agreement with the US, that will lower tariffs,
encourage investment and enable SMEs to take advantage of
the trade opportunities generated, in new and increasing
diverse markets across the US, including in Texas.
One British business already taking advantage of US markets
is smoked salmon producer, H. Forman & Son. The London
based firm has recently secured a deal with HEB Central
Supermarkets to supply their products in its chains across
Texas.
Following a DIT hosted export promotion dinner at Hampton
Court which I was delighted to have been invited to, I
met with one of the directors of HEB Texas supermarkets.
My team and I followed up shortly after and since then we
have developed a prestigious new customer in Texas. HEB
Central Markets is a high quality food retailer and we
are pleased to have three of our products on their
shelves across the state. Each month we are shipping our
world renowned London Cure Smoked Salmon, Gravadlax and
our unique Gin & Tonic Smoked Salmon. Texans appear
to be enjoying Forman’s products as our sales continue to
grow.
The government also launched a new international marketing
campaign last week, aimed at inspiring and reassuring
buyers and inward investors worldwide that the UK is ready,
willing and able to trade with them. The new Ready to Trade
campaign has seen billboard, newspaper and social-media
adverts appear in signature locations across 18 cities, 13
countries and airports around the world, including across
the US.
