UK and Florida Sign Pact to Boost Trade

Strengthening Economic Ties

On November 14, 2023, Business and Trade Secretary Kemi Badenoch and Florida Governor Ron DeSantis inked the MoU, marking a significant milestone in UK-Florida relations. Florida boasts a GDP exceeding £1.1tn, ranking as the fourth-largest among US states—comparable in size to Spain.

Focused on High-Tech Sectors

The MoU is strategically designed to streamline and expedite business activities for both UK and Florida firms. It targets sectors where both regions hold distinctive strengths, including space exploration, fintech, artificial intelligence (AI), and legal services.

A Landmark in Space Collaboration

Of notable significance, this MoU represents the first UK-US state-level agreement with a specific focus on the space sector. Florida is home to the renowned NASA Kennedy Space Center, boasting world-leading capabilities in launch infrastructure, manufacturing, and satellite development. This presents exceptional opportunities for the UK's thriving space industry, with an income exceeding £17.5 billion and nearly 50,000 employees.

Expanding State-Level Agreements

With the signing of this MoU, the UK has established agreements with seven US states, including Indiana, North Carolina, South Carolina, Oklahoma, Utah, Washington, and Florida. Collectively, these states contribute to a GDP of £3.3tn, just slightly below that of Germany. Additionally, ongoing discussions with states like Texas, California, Colorado, and Illinois indicate a commitment to further expanding economic partnerships.

A Major Boost for UK Tech

Business and Trade Secretary Kemi Badenoch emphasized the immense economic potential offered by Florida, with a GDP surpassing that of most European countries. The collaboration extends to a wide range of high-tech opportunities, from satellite launches to cutting-edge fintech software. This MoU underscores the success of the UK's state-level strategy in providing UK firms with a competitive edge in global markets.

A Pledge to Excellence

Florida Governor Ron DeSantis echoed the sentiment of strengthening economic ties, emphasizing Florida's position as a national leader in business growth and development. This partnership aims to uphold and enhance economic excellence.

A New Era for UK Space

Chairman of UKspace, John Hanley, celebrated the MoU's significance in the space sector. He highlighted that space is a global industry, and the United States stands as one of the UK's most critical trading partners. This MoU paves the way for collaboration and mutually beneficial trade and investment opportunities on both sides of the Atlantic.

Tangible Outcomes

The previously signed MoUs with US states have already yielded tangible results for UK companies. For instance, Marshall Aerospace, based in Cambridge, is set to establish a £50 million aircraft maintenance facility and engineering hub at the Piedmont Triad International Airport in North Carolina. This investment will create 240 local jobs and has been made possible by the UK's collaboration with North Carolina.

A Thriving Bilateral Relationship

The United States is the UK's largest trading partner and the largest investor in the UK. The robust economic ties between the two countries support millions of jobs on both sides of the Atlantic.

A Twin-Track Approach

The UK's approach to boosting trade with the US follows a "twin-track" strategy. It involves working closely with individual states to strengthen trade relations, including through MoUs. Simultaneously, the UK engages with the federal government to unlock broader national-level opportunities.

The Atlantic Declaration

On June 8th, the Prime Minister and President Biden announced the Atlantic Declaration—a groundbreaking action plan covering economic, technological, commercial, and trade relations between the UK and the US. This initiative seeks to further expand the £310 billion trade relationship and launch discussions on a Critical Minerals Agreement to facilitate strategic access to the US market.

Discover the groundbreaking Memorandum of Understanding signed between the UK and Florida, aimed at fostering trade and investment in high-tech sectors like space and fintech. Explore the economic potential of Florida, home to NASA's Kennedy Space Center, and learn how this partnership opens doors for the UK's thriving space industry.