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The UK is set to unveil a £725billion trade deal with a US state in another major boost for Brexit Britain.
The deal with Washington State will be the sixth signed in the US and means British business has access to a combined £2.2trillion GDP in America.
Washington State is home to major companies like Amazon, Starbucks, Microsoft and Boeing, and has a £725billion GDP roughly equivalent to Poland.
The memorandum of understanding (MoU) will be signed today by trade minister Nusrat Ghani giving British business and services access to US markets.
Ms Ghani will lead a delegation of 35 UK businesses attending the 2023 Boeing Supplier Showcase, handpicked by Boeing to meet with their procurement and supply chain teams.
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The deal comes despite efforts by Joe Biden’s administration to thwart progress on a UK/ US federal trade agreement.
However, sources have told Express.co.uk that state deals are more important because that is the way the UK’s services industry – which makes up 80 percent of the British economy – can access the US market.
The event will showcase the best of the UK’s world leading aerospace industry as it continues to drive innovation through new technology, research and design.
Aerospace will be a priority sector under the MoU, which seeks to facilitate more deals between the UK and Washington State.
Boeing has already spent over £12billion in the UK since 2015.
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Its most recent investment, an £80million composite research facility in Sheffield, will establish new long-term partnerships and supply chains.
Ms Ghani said: “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 £2trillion mark for combined GDP of states who’ve done a deal with the UK, with many more in our sights.”
Washington State Governor Jay Inslee said: “Today’s MoU makes the UK Washington’s latest global partner in trade and innovation focused on clean technology and industry.”
The UK has signed MoUs with Indiana, North Carolina, South Carolina, Oklahoma, Utah, and now Washington.
Collectively these states imported £5.1billion of UK goods in 2022.
Another deal is close with Florida with a delegation from Jacksonville visiting the UK yesterday.
Marco Forgione, Director General of the Institute of Export and International Trade, who met the Florida delegation, told the Daily Express: “The MoUs that the government is securing with the individual states are really powerful.
“What’s great about them is that they are each unique and distinctive based on the profile of the state itself.”
Hailing the UK/ Washington state deal, Maria Laine, President of Boeing in the UK, Ireland and Nordic region said: “We are immensely proud of our long-standing relationship with the UK.
“Working closely with the UK Government, ADS and other key partners, we remain committed to developing and expanding the UK supply chain and creating opportunities for collaboration across Boeing’s global programmes.”
“The MoU will strengthen the trade relationship between the UK and Washington. It will unlock new opportunities to develop new commercial partnerships, facilitate capital investment, foster innovation, and support global decarbonisation.”
Matt Farnsworth, Commercial Director at the University of Sheffield AMRC, who are attending the trade show, said: “As a research organisation, the University of Sheffield Advanced Manufacturing Research Centre (AMRC) has always found trade missions organised by the Department for Business and Trade to be extremely valuable.
“They provide a fantastic opportunity to broaden and strengthen existing industrial relationships and ecosystems, while developing new opportunities for collaboration.
“Despite having a close research relationship with Boeing for over 20 years, previous missions have successfully opened new, exciting opportunities for the AMRC with a number of Boeing business units and technology owners, we hadn’t previously engaged with.
“The AMRC is playing a key role in driving innovation, research and development for UK manufacturing, especially for the aerospace sector. The upcoming Boeing trade mission will further fuel and accelerate our journey to make the UK a world-leader for sustainable manufacturing in aerospace.”
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