- The United Kingdom is preparing to establish a business partnership agreement with the State of Florida, aimed at boosting trade and investment between the two entities, with a particular focus on the aerospace sector.
- The UK has already signed a Memorandum of Understanding (MoU) with several US states, including Washington, and is actively engaging with Florida to create a similar compact.
- The agreements aim to enhance market access, increase investment opportunities, and promote cooperation in various sectors.
- Bilateral trade between Florida and the UK reached $5.8 billion in 2022, with the UK being the leading foreign investor in Florida. Last year more than 1.1 million Britons visited Florida.
The United Kingdom is readying a business partnership agreement with the State of Florida that would boost trade and investment between both entities, according to the British government.
The UK and the US state of Washington signed a Memorandum of Understanding (MoU) on Monday, however, in announcing the agreement, the UK government indicated that it is actively engaging with Florida to establish a similar compact to enhance trade and investment relations.
Such a concord would facilitate greater market access, increased investment opportunities, and closer cooperation in key sectors, particularly in aerospace. benefiting both Florida and the UK economies. Attempts to seek confirmation from FloridaCommerce and the state Department of Financial Services were not immediately answered.
“Each US state is a massive global market in its own right, and many have economies larger than the GDP of whole countries,” said UK Minister for Industry and Economic Security Nusrat Ghani.
The United Kingdom has signed formal MoUs with various U.S. states including Indiana, North Carolina, South Carolina, Oklahoma, Utah, and Washington, representing a combined GDP exceeding £2.2 trillion. The UK government is actively exploring similar partnerships with Texas, California, Colorado, and Illinois.
In April, Gov. Ron DeSantis met with UK Foreign Minister James Cleverly, where they discussed Florida’s economic ties with the United Kingdom and mutual shared interests.
“The United Kingdom has long been a strong partner of the United States,” said DeSantis following the meeting. “Florida will continue to work with our friends here in the United Kingdom to maintain a strong relationship that benefits the economic interests of both Florida and the United Kingdom.”
British companies contribute more than 70,000 jobs in Florida, making the UK the leading foreign investor in the state. Bilateral trade between Florida and the UK reached $5.8 billion in 2022, reflecting a 119 percent growth over the past five years.
Moreover, tourism between the two regions remains strong, with more than 1.1 million Britons visiting Florida in 2022, solidifying the UK’s status as one of Florida’s top sources of international visitors.