The UK’s recent trade advances with the United States are signalling a potentially significant step towards a comprehensive trade deal between the two countries.
Trade Minister Nigel Huddleston’s visit to the US has resulted in the signing of the UK’s fourth state-level Memorandum of Understanding (MoU) to boost trade and investment with Oklahoma, as well as a pioneering Mutual Recognition Agreement (MRA) between UK and US architect regulators.
The UK-Oklahoma pact will focus on boosting green trade, particularly in carbon capture, utilisation, and storage (CCUS).
This will give a boost to the £174.4 million worth of goods UK companies exported to Oklahoma in 2022 and generate more jobs for UK businesses.
The UK already has MoUs in place with Indiana, North Carolina, and South Carolina, and is currently discussing future agreements with states such as Utah, Texas, and California.
The UK’s state-level engagement, through MoUs and MRAs, is expected to foster further trade and investment opportunities at the local level and could eventually pave the way for trade talks at a federal level.
These developments are highly significant for UK exporters and importers, as they represent a potential step towards a comprehensive trade deal with the US.
By strengthening links with individual states in parallel with work with the federal government, the UK is fostering opportunities for economic growth and job creation.
As a result, exporters and importers should closely monitor the progress of these agreements and their potential implications for their businesses. Reanda UK is a subsidiary of leading independent accountancy firm Grunberg & Co Limited. Our aim is to help businesses and individuals to navigate the UK’s world-renowned business and tax infrastructure, and to support them with their international ambitions. To find out how we can help you, please contact us.