Joint Statement on UK - Texas trade
Minister for International Trade Nigel Huddleston welcomed the First Lady of Texas Cecilia Abbott and other key officials to celebrate the enduring partnership between the UK and Texas and discuss ways to bolster their strong economic relationship.
Minister Huddleston was pleased to welcome the First Lady of Texas, Cecilia Abbott, Texas Secretary of State, Jane Nelson, Vice Chair of the Texas Economic Development Corporation, Arun Agarwal and Executive Director of Texas Economic Development and Tourism, Adriana Cruz to the United Kingdom today, 11th July.
Minister Huddleston, the First Lady, Secretary Nelson, Vice Chair Agarwal and Executive Director Cruz celebrated the enduring bond between the United Kingdom and Texas, highlighting their longstanding, successful economic ties:
- The UK leads all nations for the number of foreign direct investment projects in Texas and is Texas’ ninth-largest trading partner (2022).
- Texas goods and services exports to the UK amounted to $15.8bn/ £12.8bn in 2022.
- UK goods exports to Texas amounted to $5.4bn/ £4.4bn in 2022.
- In the last decade, UK companies have made $5.6bn/ £4.4bn in capital investment through 337 projects in Texas, creating more than 15,100 jobs.
In the spirit of joint economic development and cooperation, Minister Huddleston and Executive Director Cruz agreed to accelerate discussions on the terms of a Statement of Mutual Cooperation (SMC) to strengthen trade and economic development ties between the United Kingdom and the State of Texas. This future-facing agreement, focused on the unique, diverse challenges of the 21st century, will aim to increase transatlantic trade and investment opportunities for companies both in the United Kingdom and Texas and build upon the strong existing trading relationship.
It is envisaged that the SMC will create a forum to identify and address any existing market access barriers for UK and Texas businesses, promote job creation, and focus on innovation, emerging technologies, and advancing shared policy goals, and more.
This SMC will seek to put in place arrangements for the Government of the United Kingdom and the State of Texas to ensure their trade and economic relationship continues to deliver benefits for the respective citizens of both parties.