U.K. Trade Secretary to focus on transatlantic trade and investment during her U.S. visit
The Secretary of State for International Trade, United Kingdom (U.K.) – Anne-Marie Trevelyan will focus on enhancing transatlantic trade and investment during her first official visit to United States (U.S.) this week.
During her visit, she would be discussing a number of topics with her counterpart including shared strategic priorities on World Trade Organisations (WTO) reforms and removing trade barriers. She will also discuss a future free trade agreement with the U.S.
As per the recent research published today by the Department for International Trade, the U.S. has been the U.K.’s largest single inward investment partner country for the last two decades.
In 2019, U.S. businesses employed almost 1.5 million people in the U.K., an increase of 74% since 1997. It also shows that 60% of these are jobs now outside of London. Wholesale and retail accounted for 29% of U.K. employment in U.S.-owned businesses in 2019, followed by 22% in scientific, technical and I.T. activities.
Speaking on the occasion, Anne-Marie Trevelyan said, “We share a thriving trade partnership with the US, which is driving investment into all corners of the UK helping to level up our economy and create jobs and prosperity.”
She further said, “From Teesside to Tulsa, there are huge opportunities to deepen the trading links benefiting communities on both sides of the Atlantic.”
Taking it to twitter, she tweeted,
🚨NEW @tradegovuk report out today shows the power of 🇺🇸▶️🇬🇧 investment:
— Anne-Marie Trevelyan (@annietrev) December 6, 2021
✅ US is the largest investor in the UK
✅ Almost 1 in 20 UK workers work for a US company
✅ 60% outside London & SE helping level up the country
Investment = growth = jobs https://t.co/P90LKE6aKz
She will also meet senior investors in New York to promote the U.K. as the world’s most attractive investment destination and follow up on progress made at the recent Global Investment Summit. She would then be moving to Washington DC to meet her counterpart – the U.S. Trade Representative – Katherine Tai and members of Congress to discuss deepening trade ties.
She will also hold talks with Trade Secretary and meet the U.S. Commerce Secretary – Gina Raimondo to discuss how trade and investment can support each country’s levelling up agendas, and push for a resolution to s232 steel and aluminium tariffs to support British industry. She will also be seen at “Women in Trade” Roundtable, hosted by the U.S. Chamber of Commerce.
The U.K. already has strong ties with various U.S. States, who are significant economies in their own right. Together, the economies of the South-Eastern states make the region equivalent to the 8th largest economy in the world. California’s GDP was over U.S. $ 3 trillion in 2020, equivalent to the 5th largest economy in the world.
