UK trade minister Nigel Huddleston is in Washington, DC, to forge deals that will expand US-UK economic connections and increase exports, investment, and job opportunities on both sides of the Atlantic. This is the fourth such agreement between the UK and a US state, and it was signed by the trade minister with Oklahoma at the state level. The contract was signed on behalf of the state of Oklahoma by Governor Kevin Stitt.
The UK government stated in a news release that the MoU between the two countries intends to increase export prospects for UK businesses and promote foreign investment, which will fuel economic growth and job creation in the UK and support the government’s commitment to expand the economy.
The MoU is anticipated to increase the £174.4 million in goods sold by UK businesses. 2022 exports to Oklahoma will increase employment for UK exporters. Exports to the UK sustain roughly 3,000 employment in Oklahoma, and British businesses employ close to 10,000 people in the state.
The decarbonization goal of the Oklahoma MoU will be accomplished in part by increasing investment and collaboration in fields like carbon capture, utilisation, and storage (CCUS). By the end of the decade, up to 50,000 new jobs for Britons might be created thanks to CCUS, according to the UK government.
With agreements with Indiana, North Carolina, and South Carolina already in place, UK companies are able to network with potential clients and win new business. Future plans are being discussed by the commerce minister and his team. agreements with states including Texas, Utah, and California, among others, the announcement said.
“I’m thrilled to be in America building on our strong trading relationship with the US through our innovative programme of state-level MoUs and a trailblazing agreement between US and UK architect regulators,” said Nigel Huddleston, the minister of business and trade. “The US is our largest trading partner, and these wins reflect our successful twin-track approach to trade with the US, strengthening links with individual states in parallel with work with the federal government.”
“The UK government’s involvement at the state level makes sound financial sense. While these MoUs promote more trade and investment prospects at a local level, our goal is that their success can assist in reviving trade negotiations at the federal level, CEO of a British-American company, Duncan Edwards.
