UK signs MoU with South Carolina to boost trade ties

The MoU is anticipated to deepen the UK’s trading partnership with South Carolina, which bought £1.4 billion of goods from the UK last year. By addressing state-specific trade barriers, promoting trade missions to South Carolina, and sharing expertise and best practice, it will seek to unlock opportunities for UK firms to expand overseas and attract investment, according to a press release by the UK government.

UK’s trade minister Greg Hands has signed an MoU in Columbia, South Carolina to bolster trade ties between the two states. This is the UK’s third trade MoU with a US state, following the signatures of Indiana and North Carolina earlier in the year. In Utah, Hands is expected to continue discussions on an MoU with a view to signing early next year.

Hands, who is on a multi-state tour of the US to boost trade and investment ties with individual states, will cover three states in four days: South Carolina, California, and Utah. The trade minister is expected to meet with senior representatives from both political parties, including state governors, to explore opportunities for enhanced trade.

“These MoUs with US states can cover areas vital to the UK, from tech and renewable energy to financial and professional services. We’re engaging with the US at every level—federal, state, and local—to increase opportunities for UK businesses,” Hands, minister of state for trade policy, said in a statement issued by the UK government.

The US is the UK’s largest trading partner. The minister is expected to highlight the importance of the UK’s £230 billion trade partnership for fuelling economic growth and job creation on both sides of the Atlantic. Other states being engaged include Texas, Oklahoma, Washington, and Oregon.

Fibre2Fashion News Desk (NB)