In a significant move, Britain inked a memorandum of understanding (MoU) on trade with Washington State on Monday. The International Trade Council commends this strategic initiative, which underscores the nation's agility in pursuing beneficial trade relationships at the state-level, especially in the light of paused free trade talks with the United States.
Nusrat Ghani, Britain's junior business and trade minister, expressed optimism about an impending agreement with Florida in the near future. Ghani, speaking from Seattle, highlighted, "Florida is next on the list. That should be concluded shortly." Moreover, she indicated that deliberations were also in progress with major states like Texas, California, Colorado, and Illinois.
Accompanied by representatives from 35 UK firms, Ghani emphasized the immense potential for mutual collaboration arising from shared industrial interests with Washington and other U.S. states. With aerospace at the forefront, especially considering Boeing's presence in Washington, other areas primed for collaborative efforts include clean energy, life sciences, supply chains, and agriculture. "British firms have a pivotal role in the aerospace supply chain, sparking a tremendous interest in aviation," added Ghani.
Although the MoU fosters new commercial relationships and encourages capital investments, a comprehensive free trade agreement (FTA) can only be pursued with the federal U.S. government. Notably, this agreement with Washington marks the sixth state-level MoU for Britain.
Showcasing the depth of trade relations, Ghani, along with the UK business representatives, participated in a Boeing supplier showcase, liaising with Boeing's procurement and supply chain teams.
Washington, renowned as the hub for corporate giants like Amazon, Starbucks, and Microsoft, ranks 11th in terms of gross domestic product (GDP) amongst U.S. states. Cumulatively, the six states with which Britain has formalized MoUs account for an impressive GDP exceeding 2 trillion pounds (approximately $2.4 trillion).
The International Trade Council applauds this progression and anticipates a promising era of collaborative ventures between Britain and the U.S. states.