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- The UK signed a trade MoU with America’s ‘top nation for business’ following an agreement with India in May
- The clean growth-focused agreement aims to help businesses on both sides trade more easily with each other and boost investment.
- The government will sign more state-level agreements with Oklahoma and South Carolina in the coming months
The UK today (July 20) marked another milestone in its US state level strategy as it signed its second Trade and Economic Memorandum of Understanding (MoU) with the US state of North Carolina.
Like the MoU with Indiana in May, the agreement with North Carolina will focus on removing unnecessary barriers to trade, cutting costs and reducing paperwork so that British and North Carolinian businesses can work together more efficiently.
The MoU will boost cooperation in areas such as clean tech and energy infrastructure, enabling both sides to exchange ideas, skills and knowledge, support public and private partnerships and drive capital investment. It will also target trade barriers, increase investment and enhance business networks in previously under-invested regions to support the UK’s leveling 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 energy with more offshore installations than anywhere else in the world.
North Carolina is the ninth largest state in the US by population and has a GDP of about $550bn, roughly the size of Sweden. Its largest city, Charlotte, is the second largest financial center in the US after New York, and the Piedmont region is famous for its world-leading clinical research center, the Triangle.
The kingdom already buys $1.6bn (or £1.2bn) worth of goods from the UK, making us their 12th biggest export market. It offers opportunities to UK businesses in fast-growing industries such as automotive, cleantech and manufacturing. For instance, British-based INEOS Automotive has chosen the state to open its North American headquarters in Raleigh.
Minister of State for International Trade, Penny Mordon said:
Our state-level work shows that we can be dynamic and creative with our trading partners. As we continue to engage with Washington DC, we are talking to businesses and political leaders across America – from North Carolina to California – to enhance our already £200bn trade relationship.
North Carolina is home to some of the most exciting companies in the US – from Honeywell to LabCorp – and was recently named America’s top state for business.
The US Our twin-track approach to doing business together is helping to cut red tape, reduce costs and boost exports and investment, and I look forward to UK businesses reaping the benefits.
The UK continues to seek ways to remove barriers to trade at the state level as part of the wider US trade strategy. We plan to sign additional agreements in the coming months with Oklahoma and South Carolina, which have even more in the pipeline.
The UK has also made great strides in trade at the federal level. These included removing restrictions preventing high-quality Welsh lamb and Scottish beef from being sold in the US and resolving the Article 232 tariff dispute, which resulted in the removal of a 25% tariff on British steel, a huge hit for UK steelmakers. There is a win.
Duncan Edwards, CEO of British American Business, said:
On behalf of our network of chapters and members in the UK and USA, BritishAmerican Business is pleased to sign a Memorandum of Understanding on Trade and Investment between the United Kingdom and the State of North Carolina.
The UK and USA have an excellent trade and investment relationship but more can always be done to improve it. Agreements such as these help create ways for businesses in both markets to fully understand the opportunities available to them as they plan their expansion across the Atlantic.
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