Kemi Badenoch discusses £600m BMW investment in UK
Kemi Badenoch is on the verge of closing a massive £1trillion trade deal with the US state of Florida after her eye-catching US win in Washington State this week.
Trade experts have told Express.co.uk that Florida is the next in line of 20 states expected to sign a deal with Brexit Britain.
A delegation was over from the port of Jacksonville earlier this week talking to trade officials and the Institute of Export and International Trade which is advising Ms Badenoch’s Department for Business and Trade (DBT).
And putting pen to paper on a memorandum of understanding (MoU) has been described as “very close”.
A deal with Florida would mean that in the US alone British service industries, including legal and financial services as well as manufacturing, would have unfettered access to a collective £3.3trillion GDP area covered by seven US states.
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READ MORE: Brexit Britain flying high with new £725bn US trade deal with home of Boeing
As of today the UK has trade deals with Indiana, North Carolina, South Carolina, Oklahoma, Utah, and now Washington.
The Washington deal signed by trade minister Nusrat Ghani today will boost Britain’s work in the air industry, by building on links with Boeing.
Marco Forgione, Director General of the IoE who met with the Jacksonville delegation this week, said that the Florida deal would be “very significant”.
He told Express.co.uk: “Florida is in the pipeline for approving an agreement.
“And that will be focusing much more on the FinTech side of things, you have got a big port in Jacksonville as well with a direct trade link to the UK.”
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Mr Forgione described the MoU as “really powerful” because each state deal can be tailored to what they offer.
He also noted that state deals are the only way for Britain’s enormous services sector (80 percent of the British economy) to get access to the US market.
A US deal, which currently is being blocked by Joe Biden’s administration, would largely only cover manufacturing and agri-goods.
Mr Forgione said that US states were also attracted by post-Brexit benefits which do not necessarily grab the headlines.
These include “building robust supply chains” especially in rare minerals needed for electric vehicles and other green products.
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