Britain to sign biggest U.S. state-level trade pact yet with Texas
LONDON (Reuters) — Britain will on Wednesday sign a memorandum of understanding on trade with Texas, the biggest U.S. state so far to agree to such a pact aimed at boosting investment.
Britain is seeking state-level deals with U.S. states while talks over a Free Trade Agreement at a federal level have been frozen since President Joe Biden took office.
«Today's signature with Texas marks the UK's eighth U.S. state-level pact, meaning UK firms now have access to states with a combined GDP of 5.3 trillion pounds ($6.76 trillion) — equivalent to a quarter of the whole US economy,» Business and Trade Secretary Kemi Badenoch said in a statement.
«This shows our US state-level strategy is working and really delivering for British businesses.»
Britain's business and trade ministry said the agreement with Texas, the second largest U.S. state economy, was targeting areas such as energy, life sciences and professional services.
The agreement comes four months after a similar pact with Florida. Britain is also in talks with the likes of California, Colorado and Illinois.
«Strengthening the bond between Texas and the United Kingdom is crucial for our shared economies to prosper,» said Texas Governor Greg Abbott.
«By signing this Statement of Mutual Cooperation today, we will further promote economic growth on both sides of the Atlantic,» he added.
($1 = 0.7836 pounds)
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