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Britain had hoped for a sweeping bilateral trade deal with the United States after splitting from the European Union, but with President Joe Biden putting all talks on free trade agreements on hold, the British government has pursued state-level agreements instead.
The British trade ministry said aerospace would be a priority sector under the Washington MoU, with Boeing (NYSE:BA) being based in the state.
“This particular deal will be fantastic for our aerospace industry through investor intros, trade missions, and increasing access to procurement markets,” junior business and trade minister Nusrat Ghani said in a statement.
Britain said the MoU would unlock new commercial partnerships and facilitate capital investment, but provisions of a formal free trade agreement (FTA) can only be negotiated with the federal government.
The MoU with Washington is the sixth such agreement with a U.S. state.
Ghani will attend a Boeing supplier showcase with 35 British businesses, meeting their procurement and supply chain teams.
Washington state is also the home of Amazon (NASDAQ:AMZN), Starbucks (NASDAQ:SBUX) and Microsoft (NASDAQ:MSFT), and is the state with the 11th highest gross domestic product (GDP).
The six U.S. states covered by MoUs with Britain have a combined GDP of over 2 trillion pounds ($2.4 trillion), Britain said.
($1 = 0.8193 pounds)
