UK signs trade agreement with US state of Texas
THE UK has signed an agreement on closer trade co-operation with Texas, as the Government continues to pursue state-level deals in the absence of a wider free trade agreement with the United States.
Trade Secretary Kemi Badenoch and Texas Governor Greg Abbott formally signed the agreement in Westminster yesterday. Prime Minister Rishi Sunak called it an “exciting moment”.
Mr Sunak told the Texas governor it was “fantastic” to welcome him to Downing Street to sign the agreement. The Prime Minister also remarked on the size of Texas’s economy – bigger than Brazil and Canada – before adding: “As they say, everything is bigger in Texas and that now includes our trading relationship, which hopefully we can take to the next level.”
Ms Badenoch, who said she has family in Texas, complimented the governor on how his signature was better than her own, before the pair shook hands and posed for photographs with the signed agreement. She insisted the agreement will “deliver” for the UK and for the US state.
Mr Abbott, who gave a thumbs-up when he arrived in Downing Street, said he was “proud” to join the UK in signing the agreement. “Understand that this is far more than a document,” he said. “What we signed our names to today is a pathway to increased prosperity.”
The agreement marked the UK’s eighth US state-level pact, meaning UK firms now have access to states with a combined GDP of £5.3 trillion, which is equivalent to a quarter of the whole US economy. It is targeted particularly at the energy sector, as well as life sciences and business services.