United Kingdom: Texas and the UK governments will sign a trade agreement to boost investment and trade cooperation. UK Business and Trade Secretary Kemi Badenoch and Texas Governor Greg Abbott will meet in London to sign the deal.
Texas is the second largest economic state in the US, with a GDP of £1.9 trillion in 2022, bigger than Italy and Canada. This would make it the UK’s most economically significant trade deal with a US state. The agreement aims to increase trade and investment between the UK and Texas by reducing trade barriers and making it easier and cheaper to do business.
In 2023, the UK was Texas’ eighth largest export market with trade worth £14.7 billion. Top exports to Texas include nuclear equipment, aircraft and pharmaceutical products. Both areas share expertise in new energy solutions, the life sciences and professional business services.
Kemi Badenoch said that, “I’m delighted to welcome Governor Abbott to the UK for this landmark signing. Today’s signature with Texas marks the UK’s eighth US state-level pact, meaning UK firms now have access to states with a combined GDP of £5.3 trillion – equivalent to a quarter of the whole US economy. This shows our US state-level strategy is working and really delivering for British businesses.”
The UK Government’s ‘BioBridge’ collaboration with the Texas Medical Centre supported over 30 UK life sciences companies to grow their businesses in Texas. The pact will also support recognition of professional qualifications.
Paxman Coolers CEO, Richard Paxman, and Concrete Canvas Director, William Crawford, expressed their support and positive comments regarding the deal. UK companies are already taking advantage of close UK-US trade links.
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