Britain signs state-level trade deal with Washington – 25-09-2023

Britain signs state-level trade deal with Washington - 25-09-2023

Britain will sign a memorandum of understanding on trade with the US’s Washington, and is seeking further deals with major states such as Florida, Texas and California, Britain’s trade department said on Monday.

Britain had hoped for a major bilateral trade deal with the United States after leaving the European Union, but as President Joe Biden suspended all negotiations on free trade deals, the British government pursued state-level deals instead.

Under a memorandum of understanding with Washington, Boeing will be based in the state, making space a priority sector, according to Britain’s Department of Trade.

“This particular agreement will be fantastic for our aerospace sector by increasing investor introductions, trade missions and access to procurement markets,” Deputy Minister of Trade and Commerce Nusrat Ghani said in a statement.

Britain said the MoU would open up new business partnerships and facilitate capital investment, but the terms of a formal free trade agreement (FTA) could only be negotiated with the federal government.

The MoU with Washington is the sixth such agreement with the US government.

Ghani will join 35 UK companies at a Boeing supplier showcase where he will meet their procurement and supply teams.

Washington state is also home to Amazon, Starbucks, and Microsoft, and has the 11th largest state in gross domestic product (GDP).

The six US states under MoUs with Britain have a combined gross domestic product of more than 2 trillion pounds ($2.4 trillion), according to Britain.

($1 = 0.8193 pounds)

Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top