UK signs deal with 6th US state, with an economy larger than 10 EU countries COMBINED

Brexit Britain's US state deals are racking up, with total US markets worth £2.2 TRILLION in GDP

Montage © Facts4EU.Org 2023

Another huge win for Brexit Britain, with more deals on the way

On Monday the UK and the US state of Washington signed a new Memorandum of Understanding (MoU) to boost trade and investment.

Washington State is home to major US business including Amazon, Starbucks, Microsoft and Boeing, and has a GDP greater than that of 10 EU countries combined. This MoU marks the sixth delivered as part of the UK’s state-level strategy to boost trade with the US and means that the combined GDP of US states with which the UK has MoUs now totals £2.2 trillion.

Minister for Industry and Economic Security Nusrat Ghani signed the pact in Seattle alongside Washington State Governor Jay Inslee.

Washington plus the other five states together have a total GDP of $2.81 TRILLION dollars

The Washington deal brings the UK’s tally to six US states:

Indiana : $ North Carolina : $762.9
South Carolina : $308.9
Oklahoma : $243.4
Utah : $259.3
Washington : $761.4
TOTAL : $2,809.2 bn

[Source : U.S. Bureau of Economic Analysis, data for 2022.]

Collectively these states imported £5.1 billion of UK goods in 2022. The figure for services will of course be much higher but the state-level data for services is not yet available.

Putting the US deals into context with the EU27…

The US is such a vast country it can sometimes be difficult to put it into context with the EU. We have therefore analysed the GDP of the 27 EU countries and below we show graphically just how much larger are the collective economies of the six US states in comparison with EU countries.

Brexit Facts4EU.Org Summary

UK-US state level trade deals

In short, the six US state deals signed so far involve a GDP so large that in total they eclipse the economies of 17 EU countries, shown in red in our map below.

Only five EU countries have economies larger than that of Washington State on its own.
The latest UK deal is with a US state economy larger than the EU's sixth-largest economy (Poland).

GDP of the 6 US states : $2.8 TRILLION
GDP of the 17 EU states: $2.5 TRILLION

[Sources : World Bank | U.S. Bureau of Economic Analysis - data for 2022.]

Commenting on this report, the Rt Hon Sir John Redwood MP told us:

“Great to see the UK using its Brexit freedoms and making trade deals with 6 US states with more to come.
“The US is our largest trading partner and we have a much better balance between exports and imports than with the EU. Who said none of this would be possible when we left the EU?"

The Rt Hon Sir John Redwood MP, former Single Market Minister, 27 Sept 2023

It doesn’t stop there…

Active discussions are already underway between the Department for Business and Trade and many other US states, including Florida, Texas, California, Colorado, and Illinois. We understand that a deal with Florida is on its way next.

On Monday the UK’s Minister for Industry and Economic Security, Nusrat Ghani, said:

“Our pact with the state of Washington is a win for the UK, opening a door for our businesses to trade more openly and unlock new opportunities in key sectors.
“Each US state is a massive global market in its own right, and many have economies larger than the GDP of whole countries. By notching up our sixth such deal we’ve surpassed the £2 trillion mark for combined GDP of states who’ve done a deal with the UK, with many more in our sights.
“This particular deal will be fantastic for our aerospace industry through investor intros, trade missions, and increasing access to procurement markets. I’m delighted to join Boeing and our hand-picked group of innovative UK companies to discuss how Government and industry can work together to create jobs and grow the economy.”

Washington State Governor Jay Inslee said:

“Today’s MOU makes the UK Washington’s latest global partner in trade and innovation focused on clean technology and industry.”

Observations

The Rejoin movement does not seem to be able to raise its eyes beyond the UK’s backyard. By contrast, the Brexit Facts4EU.Org think-tank team has always looked at the newly independent United Kingdom as a player on the world stage.

Yes, the European market is naturally important to the United Kingdom, but it is ever more important that British businesses look to the faster-growing markets around the world.

Monday’s deal with Washington State – and the deals already concluded with five other US states – is proof that an international outlook which extends beyond the EU’s frontiers opens up a great many opportunities for British companies. This also benefits UK consumers, who will be able to buy a wider range of competitively-priced products and services.

Yet another benefit of Brexit…

We must get reports like this out there

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[ Sources: World Bank | U.S. Bureau of Economic Analysis | UK Dept for Business and Trade ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Wed 27 Sept 2023

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Reader Comments 11

11. gazzablack , Wednesday, September 27, 2023, 20:39:

There is a notion that countries trade more with their neighbours, than they do with those further away.
In 2022, the UKs exports to Singapore were over £13 Billion. Higher than those to 20 EU members.
.
The world's first fully digitalised goods shipment has landed in Singapore from the UK.
The shipment arrives after the UK introduced ground-breaking legislation to make trading cheaper, easier and more secure for business
.
Britain’s exports to Singapore have expanded by a fifth over the past year.
And, again, far from shrinking, these have registered a cumulative rise of 90 per cent since the 2016 British decision to leave the EU.
.
Singapore is also the third-largest foreign investor in Britain.
The combined value of Singapore’s foreign direct investments plus the stakes of Singaporean entities in British-based stock, bonds and other financial instruments amounts to £226 billion.
.
.
I like this soundbite from Dr Pippa Malmgren who served as Special Assistant to the President of the United States.
"Brexit probably makes Britain a more important country with a greater voice on strategic security matters, because it’s not about the fact that the EU is larger, it’s about the fact that the EU is way behind”

11 comments, page 2 of 2

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