Penny Mordaunt discusses post-Brexit UK-US trade deal
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The UK is to sign a landmark agreement with the US State of Indiana, the first of 20 trade deals with US states this year worth billions to the economy. The announcement makes a mockery of digs by US Democrat Speaker Nancy Pelosi who had threatened to scupper a UK-US trade deal over her objections to attempts to protect peace in Northern Ireland.
It comes as trade talks with Vietnam have deepened and sources in the Department for International Trade have confirmed that commerce with the South Asian economic powerhouse is already up by 11 percent.
Writing for Express.co.uk, trade minister Penny Mordaunt said that the deals underlined the “British spirit.”
She said: “Our first state-level agreement of this kind is a major milestone for UK-US trade relations and I’m so excited for UK businesses, who can now start reaping the rewards of closer ties with Indiana.
“Our state-level strategy is paying off and this is just the first of many agreements we’ll be signing in the future as we look to bolster our £200 billion trading relationship with the US.”
Writing for Express.co.uk she added that the deals were part of a pattern of success for the UK as it uses its new freedoms from the EU.
She said: “The pattern is that we believe in ourselves and go our own way. We were not the first to leave Europe.
“People said it couldn’t be done. We were first to develop a vaccine. Then we were first to get it rolled out at scale.
“We were first to arm and train the Ukrainians. We have always met our commitments to NATO, even when our partners did not.
“We are championing trade as a force for good in the world. We are arguing for regulation based on adequacy and equivalence as opposed to harmonization.”
It comes as the UK will on Friday mark a milestone in trade relations with the US by signing its first state-level trade and economic development Memorandum of Understanding (MoU) with Indiana.
The MoU creates a framework to remove barriers to trade and investment, paving the way for UK and Indianan businesses to invest, export, expand and create jobs.
Indiana is an entrepreneurial powerhouse, offering UK firms significant opportunities in areas like renewable energy, advanced manufacturing and pharmaceuticals.
The UK is the seventh largest export market for Indiana, and the state buys $1.4 billion worth of goods from the UK. This agreement will act as a springboard to grow this even further.
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In Indiana, International Trade Minister Ranil Jayawardena said: “It’s been fantastic to see the depth and breadth of interest from Indiana industry in trading with the United Kingdom.
“With the signing of this MoU, British businesses can capitalise on the great opportunities for collaboration in areas like innovation and manufacturing.”
Secretary of State for International Trade Anne-Marie Trevelyan said: “Our ambitious agreement with Indiana will help deliver value to UK businesses and support our areas of shared interest, such as levelling up.
“This is Global Britain in action, making innovative deals on the world stage – and will help UK companies grow faster, innovate more and support jobs and economic growth.”
The agreement will look to improve procurement processes and strengthen academic and research ties, enabling academics and businesses to collaborate more easily.
It aims to support our talented professionals with provisions on diversity aligning with our levelling up agenda to ensure economic growth benefits all communities across the country.
It also aims to help talented people from the UK and US to cross the pond for work by paving the way for their professional qualifications to be recognised on both sides.
Green trade will be at the heart of talks as both sides look to accelerate clean tech development, with a particular focus on electric cars and low emissions technology solutions.
This agreement is just the beginning of our state-level programme as Minister Mordaunt continues to engage with other US states. The UK hopes to sign more MoUs this year.
Dave Lawler, Chairman and president, bp America: “bp is excited to see the strengthening relationship between the United Kingdom and Indiana – two places we call home.
“This agreement signals continued momentum to support the long-term competitiveness and decarbonization of the industrial sector in the US Midwest.
“We look forward to serving as a partner for growth as both regions continue their respective low carbon journeys.”
Duncan Edwards, Chief Executive Officer, BritishAmerican Business: “BritishAmerican Business, and our network of chapters and members, congratulate the British government and the State of Indiana on the signing of a new Memorandum of Understanding which will encourage economic development and investment between the State and the UK.
“There is a big opportunity here for the businesses of both markets, especially in the industries of the future, and initiatives like this MoU will help.”
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