UK signs MoU with Washington State to enhance trade & investment

Washington State, which boasts a GDP roughly equivalent to that of Poland, is home to significant US corporations such as Amazon and Boeing. Minister for industry and economic security Nusrat Ghani signed the MoU in Seattle, standing alongside Washington State Governor Jay Inslee, the government of UK said in a press release.

Previously, the UK had secured MoUs with Indiana, North Carolina, South Carolina, Oklahoma, and Utah. These states collectively imported £5.1 billion worth of UK goods in 2022. The UK government is also in talks with other states including Florida, Texas, California, Colorado, and Illinois for potential trade agreements.

In addition to the MoU, Minister Ghani will lead a delegation of 35 UK businesses to the 2023 Boeing Supplier Showcase. The businesses were selected by Boeing to engage with their procurement and supply chain teams. Boeing, which has invested more than £12 billion in the UK supply chain since 2015, recently invested £80 million in a composite research facility in Sheffield. This new investment aims to establish new long-term partnerships and supply chains within the UK.

“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,” said Nusrat Ghani.

“Today’s MOU makes the UK Washington’s latest global partner in trade and innovation focused on clean technology and industry. We can’t ebb the tide of climate change and usher in this new future all on our own, it takes partnerships all over the world like the one announced today to realise our full economic potential and help curb carbon emissions worldwide,” said Washington State governor Jay Inslee.

ALCHEMPro News Desk (DP)