UK (Parliament Politics Maganize) – UK Business and Trade Secretary Kemi Badenoch and Florida Governor Ron DeSantis are set to formalize a Memorandum of Understanding (MoU) on Tuesday, November 14, aimed at bolstering trade and investment ties between the UK and Florida.
With Florida boasting a GDP surpassing £1.1tn, equivalent to Spain’s, the agreement focuses on streamlining business processes for UK and Florida companies, particularly in sectors where both entities excel, such as space, fintech, AI, and legal services. The signing ceremony will take place today in Jacksonville, Florida.
UK and Florida Sign Landmark Trade Pact
The Memorandum of Understanding (MoU) marks a significant milestone as the UK’s first agreement specifically focused on the space sector. With Florida housing the NASA Kennedy Space Center and excelling in launch infrastructure, manufacturing, and satellite development, this presents substantial opportunities for the UK’s burgeoning space industry, now valued at over £17.5 billion and employing nearly 50,000 individuals.
Following today’s signing, the UK will have established MoUs with seven U.S. states—Indiana, North Carolina, South Carolina, Oklahoma, Utah, Washington, and Florida—jointly contributing to a GDP of £3.3tn, just shy of Germany’s GDP. Moreover, the UK is actively pursuing engagements with additional states, including Texas, California, Colorado, and Illinois.
“Florida stands as a substantial economy in its own league, boasting a GDP surpassing that of many European countries. From satellite launches to pioneering fintech software, the state’s forefront high-tech enterprises provide significant openings for the UK’s swiftly growing tech sector.
Key Agreement on UK-Florida Trade and Investment Boost
The signing ceremony today underscores the success of our state-level strategy in the U.S., effectively delivering advantages to UK businesses, granting them a competitive edge in some of the world’s most dynamic markets. I extend my appreciation to Governor DeSantis and his team for their collaboration in making this Memorandum of Understanding a reality.”
The Memorandums of Understanding (MoUs) inked with U.S. states are already yielding tangible benefits for UK enterprises. Marshall Aerospace, headquartered in Cambridge, exemplifies this success by establishing a new $50 million aircraft maintenance facility and engineering hub at North Carolina’s Piedmont Triad International Airport, generating 240 local jobs.
The company attributes this investment to the collaborative relationship fostered by the UK’s engagement with North Carolina and the recently signed MoU. Underscoring the significance of the U.S.-UK partnership, the United States holds the position of the UK’s largest trading partner and the primary investor in the country.
Agreement aimed at promising sectors like space and fintech, intended to enhance exports and investment between the UK and Florida. The Memorandum of Understanding (MoU) with Florida marks the most recent addition to the UK’s agreements with U.S. states, now totaling seven states with a collective GDP of £3.3tn—marginally below Germany’s GDP.
Groundbreaking UK-US MoU Focuses on Space Sector
On a daily basis, over one million individuals work for British companies in the United States, while nearly 1.5 million people are employed by American companies in the UK. The UK is pursuing a dual strategy to enhance trade with the United States, simultaneously collaborating with individual states to boost trade through Memorandums of Understanding (MoUs) and engaging with the federal government to unlock nationwide opportunities.
On June 8th, the Prime Minister and President Biden unveiled the Atlantic Declaration, an unprecedented action plan encompassing economic, technological, commercial, and trade relations.
As a component of this initiative, both nations committed to exploring avenues for expanding the already substantial £310 billion trade relationship between the UK and the US. Additionally, talks were initiated to establish a Critical Minerals Agreement, aiming to facilitate enhanced access for this strategically vital UK sector to the U.S. market.
John Hanley, Chairman of UKspace, expressed:
“The space industry is inherently global, and the United States stands out as one of the UK’s key trading partners. UKspace embraces this Memorandum of Understanding (MoU), marking the first of its kind in the space sector. We anticipate that this agreement will pave the way for fresh opportunities for companies across the spectrum of the UK space industry, as well as our counterparts in Florida.
This collaboration is poised to strengthen our ties with space enterprises in Florida, fostering new possibilities for cooperation and facilitating mutually advantageous trade and investment on both sides of the Atlantic.”