- Minister for Trade Policy to travel coast-to-coast to
discuss opportunities for closer trade ties with several US
states
- In South Carolina, Hands will sign
the UK’s third state-level Memorandum of Understanding to boost
trade and investment
- The multi-state visit will also
include California – which would be the world’s fifth largest
economy if it were a country
Trade Minister today kicks off a multi-state
tour of the US to boost trade and investment ties with individual
states.
Starting in Columbia, South Carolina, he will cover three states
in four days: South Carolina, California and Utah. The tour
includes the largest US state economy – California - which covers
around 15% of US GDP and therefore represents enormous
opportunities for UK businesses.
He will meet with senior representatives from both political
parties, including state governors, to explore opportunities for
enhanced trade.
In Columbia, South Carolina, he will sign the UK’s third trade
Memorandum of Understanding (MoU) with a US state, following the
signatures of Indiana and North Carolina earlier in the year. In
Utah, he will continue discussions on an MoU with a view to
signing early next year.
Minister of State for Trade Policy said:
“These MoUs with US states can cover areas vital to the UK, from
tech and renewable energy to financial and professional services.
“We’re engaging with the US at every level – federal, state and
local – to increase opportunities for UK businesses.
“Whether it’s successfully securing an expansive removal of
Section 232 tariffs on imports of UK steel and aluminium into the
US, signing MoUs with individual states or seeking recognition of
professional qualifications, the UK is focused on delivering for
British businesses and consumers.”
The MoU will bolster our trading partnership with South Carolina,
which bought £1.4bn of goods from the UK last year.
By addressing state-specific trade barriers, promoting trade
missions to South Carolina and sharing expertise and best
practice, it will seek to unlock opportunities for UK firms to
expand overseas and attract investment.
The MoU will focus on key sectors which reflect shared areas of
expertise such as automotive - including electric vehicles - and
life sciences. This could benefit British firms exporting to
South Carolina such as specialist manufacturer Sigmatex.
It will support the Government’s levelling up agenda, for
instance boosting export opportunities for the West Midlands’
£5bn automotive industry or Scotland’s thriving life sciences
sector.
The MoU aims to create stronger commercial and academic links in
these sectors, which could boost jobs and wages in the UK, adding
to the already more than 130,000 life sciences jobs outside
London and the South East.
Paul McMullan, CEO Sigmatex said:
“As a UK company, we chose South Carolina as our preferred base
in North America due to the many benefits offered by the State,
including a strong labour pool, a fast-growing industrial sector
and a business-friendly regulatory environment.
“The news of South Carolina and the UK agreeing an MoU on trade
and economic development is very welcome indeed, and sure to
bring further benefits to companies like Sigmatex who wish to
have operations in the USA and specifically the State of SC.”
The US is the UK’s largest trading partner. The Minister will
highlight the importance of our £230bn trade partnership for
fuelling economic growth and job creation on both sides of the
Atlantic.
The trip forms part of the UK’s twin-track approach to trade with
the US, strengthening links with individual states in parallel
with our work with the federal government. Other states being
engaged include Texas, Oklahoma, Washington and Oregon.
