While the UK is still striving to reach a comprehensive trade deal with the United States, a second deal has been struck with one of its states.
July’s Memorandum of Understanding (MoU) with North Carolina is the latest step in the Government’s US state level trade strategy.
What are the benefits?
This follows what the Government described as a milestone in trade relations with the US by signing its first state-level trade and economic development Memorandum of Understanding (MoU) with Indiana in May.
The agreement aims to tackle unnecessary trade barriers, cut costs and slash paperwork so British and North Carolinian businesses can work together more efficiently.
It aims to target the green economy and loosen trade barriers between the partners.
Twelfth largest export market
Commenting on the deal, Minister of State for International Trade, Penny Mordaunt said: “Our state-level work shows we can be dynamic and creative with our trade partners.
“Whilst we continue engaging with Washington, we’re speaking to businesses and political leaders right across America – from North Carolina to California – to grow our already £200bn trade relationship.”
North Carolina is the UK’s 12th largest export market, with £1.2 billion of goods exported to the US state, and offers opportunities in fast-growing industries.
Aim to accelerate green technology
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 power with more offshore installations than anywhere else in the world.
North Carolina is the ninth largest state in the US in terms of population, and its nearly $550 billion GDP is approximately the size of Sweden’s.
Its biggest city, Charlotte, is the second largest financial centre in the US after New York, and the Piedmont region is famous for its world-leading clinical research hub, the Triangle.
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