Kemi Badenoch hints at Brexit trade win with US state
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Trade Secretary Kemi Badenoch has hailed a “landmark” new trade deal with Texas, the UK’s biggest trade pact with a US state since Britain left the EU.
For the first time ever, the state governor will travel to London today for a signing ceremony at 10 Downing Street.
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The trade pact, set to benefit key sectors and grow Britain’s already significant exports to the southern US state, is the eighth agreement with a US state since Brexit and by far the largest in terms of GDP.
The deal will provide a huge boost to sectors including aerospace, advanced technologies, supply chains and critical minerals, infrastructure, transport services, and chemicals.
Texas has the second largest economy of any US state, with a GDP of ￡1.9 trillion, meaning it is larger than Italy, Canada and Russia.
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READ MORE: Kemi Badenoch hints which US state could be Brexit Britain's next trade win
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The trade win comes just months after the UK signed a similar agreement with Florida (Image: Department for Business and Trade)
The UK saw ￡14.7 billion of trade with Texas in 2023, and is already the state’s 8th largest export market for goods.
Speaking ahead of the landmark signing in Downing Street later today, Ms Badenoch said she is delighted to welcome Governor Abbott to Britain.
She added: “Today’s signature with Texas marks the UK’s eighth US state-level pact, meaning UK firms now have access to states with a combined GDP of ￡5.3 trillion - equivalent to a quarter of the whole US economy”.
“This shows our US state-level strategy is working and really delivering for British businesses.”
Ms Badenoch has racked up a number of international trade wins since taking up the job of Business and Trade Secretary one year ago.
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Trade envoy Conor Burns has been credited with helping get the deals over the line (Image: Conor Burns Twitter)
The top Tory signed a memorandum of understanding with Florida last November, joining fellow states Indian, North and South Carolina, Oklahoma, Utah and Washington.
Refusing to rest after her laurels, the UK is already in active discussions to conclude deals with Colorado, Illinois and California.
Sir Conor Burns, who was appointed as the US trade envoy in May, has also been credited with helping both Texas and Florida over the line.
Texas Governor Abbott heaped praise on the “critical role" Britain plays in the “Texas economic juggernaut”.
He said that strengthening the bond between Texas and the UK - their ninth largest trade partner - “is crucial for our shared economies to prosper”.
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“By signing this Statement of Mutual Cooperation today, we will further promote economic growth on both sides of the Atlantic.
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“Working with our British partners, we will chart a greater path towards success and opportunity and create an even more robust economic partnership.”
Ms Badenoch added that the trade deal’s strides on hydrogen cooperation alone will help unlock more than 12,000 jobs and up to ￡11 billion of investment by 2030.
Following the signing, the Texas delegation will join UK Government officials for a celebratory reception at Lancaster House this evening.
Comment by The Rt. Hon. Sir Conor Burns
The United States is the United Kingdom’s largest country trading partner in the world. The exchange between us in jobs, goods, services, and investment is enormous.
We have embarked on a series of State-level MoUs on Trade and Economic Cooperation. So far, we have entered into arrangements with 7 States (Indiana, North Carolina, South Carolina, Oklahoma, Utah, Washington State, and Florida) who have a combined GDP of 5.2 trillion ($6.6t) and collectively imported over ￡12bn and exported over ￡23bn of goods to the UK last year.
Today we turbo-charge this programme as Kemi Badenoch and Governor Greg Abbott meet in Downing Street to sign a Statement of Mutual Co-operation with the economic powerhouse that is the State of Texas. Not only is Texas the second-largest US State by economy, its GDP of ￡1.9 trillion is already a massive market for the UK with ￡14.7 bn of goods flowing both ways last year.
These arrangements with a strong bespoke sectoral focus are just the start of intensive state-level engagement. They aim to unlock trade barriers, expand access to sub-federal procurement, identify mutual investment opportunities and share expertise. They are augmented by increased trade and exchange missions both ways. In short, they lubricate the wheels of US-UK trade and open opportunities for job and wealth creation.
The events around the Texas signing will be the beginning of the process of operationalising the arrangement and working with the private sector.
I am relishing the prospect of getting back onto the ground in Texas to see this arrangement strengthen and grow the economic ties between us to the mutual benefit and prosperity of our citizens.
Sir Conor Burns is the Member of Parliament for Bournemouth West and the Prime Minister's Trade Envoy to the US for Regional Trade and Investment.
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