South Carolina agreement welcomed
Transatlantic business chiefs have welcomed an agreement on trade and investment between the UK and state of South Carolina.
The British government has signed a Memorandum of Understanding (MoU) on trade and investment with South Carolina in a bid to boost business ties.
Minister of State for Trade Policy Greg Hands visited Columbia in South Carolina to sign the UK 's third trade Memorandum of Understanding (MoU) with a US state, following the signatures of Indiana and North Carolina earlier in the year.
It is hoped the MoU will bolster the trading partnership with South Carolina, which bought £1.4bn of goods from the UK last year.
By addressing state-specific trade barriers, promoting trade missions to South Carolina and sharing expertise and best practice, it will seek to unlock opportunities for UK firms to expand overseas and attract investment.
The MoU will focus on key sectors which reflect shared areas of expertise such as automotive - including electric vehicles - and life sciences.
In response to the announcement, Duncan Edwards, the CEO of trade body BritishAmerican Business, said: “On behalf of our network of chapters and members across the United States (US) and United Kingdom (UK), BritishAmerican Business welcomes the signing of a Memorandum of Understanding between the UK and the state of South Carolina.
“This is the third such agreement to be signed between the UK and individual US states, following earlier agreements with Indiana and North Carolina. While not a replacement for a comprehensive free trade agreement, these MoUs are a positive way to broaden support for US-UK trade and deliver tangible benefits for the many British and American businesses operating across the transatlantic corridor.
“We are pleased to see continuing momentum behind this initiative, particularly with a state such as South Carolina which exports $2.1 billion in goods and $544 million in services to the UK each year. We look forward to continuing to be a partner to the Minister Greg Hands and the Department for International Trade as they engage with other states across the US. ”