The Department for Business and Trade has announced a new trade agreement with Washington state.
The deal, or memorandum of understanding on trade, is the sixth such agreement that’s been made which in total offers UK businesses further opportunities to tap into markets worth £2.2tn.
BREAKING: tonight the UK will sign a memorandum of understanding on trade with Washington state 🇬🇧🇺🇸— Department for Business and Trade (@biztradegovuk) September 25, 2023
This means we'll have signed MoUs with six US states, which had a combined GDP of £2.2tn in 2022 – offering new opportunities for UK businesses ✅
More: https://t.co/GRmmhupb3V pic.twitter.com/t8YsOZijXt
The memorandum with Washington focuses on aerospace with the State the home of Boeing. Industries minister, Nusrat Ghani, will travel to Seattle shortly to sign the pact and lead 35 UK firms at a joining Boeing and Department for Business and Trade showcase event.
The UK has already signed MoUs with Indiana, North Carolina, South Carolina, Oklahoma and Utah.
Ghani said of the agreement: “Our pact with the state of Washington is a win for the UK, opening a door for our businesses to trade more openly and unlock new opportunities in key sectors.
“Each US state is a massive global market in its own right, and many have economies larger than the GDP of whole countries. By notching up our sixth such deal we’ve surpassed the £2 trillion mark for combined GDP of states who’ve done a deal with the UK, with many more in our sights.”
“This particular deal will be fantastic for our aerospace industry through investor intros, trade missions, and increasing access to procurement markets. I’m delighted to join Boeing and our handpicked group of innovative UK companies to discuss how Government and industry can work together to create jobs and grow the economy.”
The UK is striking deals with individual States in lieu of a comprehensive trade agreement with the United States – a prize that has long been sought since Brexit. However, US concerns over the Irish border since leaving the EU has put talks on hold.