Britain will sign its largest state-level trade deal with Texas in the United States
On Wednesday, Britain is set to formalize a trade understanding with Texas, the largest U.S. state to engage in such a pact, aiming to catalyze investment opportunities. While negotiations for a federal-level Free Trade Agreement have paused since President Joe Biden’s inauguration, Britain has been actively pursuing agreements with individual states.
Kemi Badenoch, the Business and Trade Secretary, highlighted the significance of this move, stating that the agreement with Texas marks the eighth state-level pact for the UK. This opens doors for British businesses to access states with a collective GDP of £5.3 trillion ($6.76 trillion), equivalent to a quarter of the entire US economy, demonstrating the efficacy of Britain’s state-level strategy.
Targeting sectors such as energy, life sciences, and professional services, the agreement with Texas, the second-largest state economy in the U.S., underscores Britain’s commitment to fostering mutually beneficial economic ties. Following a similar pact with Florida four months prior, Britain is actively engaged in discussions with other influential states like California, Colorado, and Illinois.
Texas Governor Greg Abbott emphasized the importance of bolstering the relationship between Texas and the United Kingdom, emphasizing that the mutual cooperation outlined in the agreement will drive economic growth on both sides of the Atlantic.
