The UK-Oklahoma MoU aims to unlock opportunities for UK businesses to export more and encourage inward investment, which will drive economic growth and create jobs in the UK, contributing to the government’s priority to grow the economy, the UK government said in a press release.
UK trade minister Nigel Huddleston has signed a memorandum of understanding with Oklahoma state, aiming to boost UK exports and inward investment in the state.
The agreement will focus on decarbonisation and aims to generate jobs in the UK.
The move is part of the UK’s plan to strengthen trade ties with the US and create economic opportunities.
The MoU is expected to boost the £174.4 million worth of goods UK companies exported to Oklahoma in 2022 and generate more jobs for exporters in the UK. Nearly 3,000 jobs in Oklahoma are supported by exports to the UK, and nearly 10,000 people in the state are employed by British companies.
The Oklahoma MoU will focus on decarbonisation, particularly through boosting collaboration and investment in areas such as carbon capture, utilisation, and storage (CCUS). The UK government has identified CCUS as an area of economic opportunity, with the potential to create up to 50,000 British jobs by the end of the decade.
The UK already has MoUs in place with Indiana, North Carolina, and South Carolina, which are helping UK businesses meet new buyers and secure new contracts. The trade minister and his team are also discussing future agreements with states including Utah, Texas, and California, the release added.
Business and trade minister Nigel Huddleston said: “I’m thrilled to be in America building on our strong trading relationship with the US through our innovative programme of state-level MoUs and a trailblazing agreement between US and UK architect regulators.
“The US is our largest trading partner, and these wins reflect our successful twin-track approach to trade with the US, strengthening links with individual states in parallel with work with the federal government.”
“The UK government’s state-level engagement makes good business sense. While these MoUs foster further trade and investment opportunities at a local level, our hope is that their success can help put trade talks at a federal level back on the agenda,” said British-American business CEO Duncan Edwards.
Fibre2Fashion News Desk (DP)
