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• Business and Trade Secretary Kemi Badenoch and Florida Governor Ron DeSantis to sign Memorandum of Understanding to encourage trade between the UK and Florida
• Pact targeted at high-potential sectors such as space and fintech and designed to boost exports and investment between the UK and Florida
• MoU with Florida the latest the UK has signed with a US state, bringing the total to 7 states with a combined GDP of 拢3.3 trillion 鈥� just under the GDP of Germany

Business and Trade Secretary Kemi Badenoch and Florida Governor Ron DeSantis will today [Tuesday 14 November] sign a Memorandum of Understanding (MoU) to boost trade and investment between the UK and Florida.

Florida has a GDP of over 拢1.1 trillion 鈥� the fourth biggest of any US state and roughly the same size as Spain. 皇冠体育app MoU is designed to help make it quicker, easier, and cheaper for UK and Florida firms to do business and is targeted at sectors in which the UK and Florida have particular strengths such as space, fintech, AI and legal services.

皇冠体育app Secretary of State and Governor DeSantis will sign the pact today in Jacksonville in Florida.聽聽

皇冠体育app MoU is the first the UK has signed which focuses on the space sector. Florida is home to the NASA Kennedy Space Center and has world-leading capabilities in launch infrastructure, manufacturing, and satellite development, presenting huge opportunities for the UK鈥檚 growing space industry 鈥� now with an income worth over 拢17.5 billion and employing nearly 50,000 people.

After today鈥檚 signing the UK will have MoUs with 7 US states 鈥� Indiana, North Carolina, South Carolina, Oklahoma, Utah, Washington, and Florida 鈥� with a combined GDP of 拢3.3 trillion, just under the GDP of Germany. 皇冠体育app UK is also actively engaging with further states including Texas, California, Colorado, and Illinois.

Business and Trade Secretary Kemi Badenoch said:

Florida is a major economy in its own right, with a bigger GDP than most European countries. From launching satellites to developing the latest fintech software, Florida鈥檚 leading high-tech companies offer huge opportunities to the UK鈥檚 rapidly expanding tech sector.

Today鈥檚 signing shows our US state-level strategy is working and delivering for UK firms, giving them a competitive edge in some of the most exciting markets in the world. I want to thank Governor DeSantis and his team for helping to make this MoU happen.

Florida Governor Ron DeSantis said:

Florida is the national leader for business growth and economic development, and today鈥檚 MOU signing will continue to ensure our state remains the model for American excellence.

I am honored to stand today with MP Badenoch to strengthen the economic partnership between our state and the United Kingdom.

UKspace Chair John Hanley said:

Space is a global business 鈥� and the United States is one of the UK鈥檚 most significant trading partners. UKspace welcomes this MoU聽鈥� the first focused on space聽鈥撀燼nd looks forward to it delivering new opportunities for companies of all sizes throughout the UK space industry, as well as counterparts in Florida. This will deepen our relationships with space companies in Florida and open up new prospects for collaboration and driving mutually beneficial trade and investment on both sides of the Atlantic.

皇冠体育app MoUs signed with US states are already delivering for UK companies. Cambridge-based Marshall Aerospace is opening a new aircraft maintenance facility and engineering hub at the Piedmont Triad International Airport in North Carolina 鈥� an investment worth $50 million that will create 240 local jobs. 皇冠体育app company has credited the UK鈥檚 relationship with North Carolina and our recent MoU for enabling the environment for their investment.聽聽聽

皇冠体育app US is the UK鈥檚 largest trading partner and the biggest investor in the UK. Every day more than one million people get up and go to work for British companies in America, and almost 1.5 million people do the same for American companies in the UK.

皇冠体育app UK has a 鈥渢win-track鈥� approach to increasing trade with the US, working with individual states to boost trade, including through MoUs, while also engaging with the federal government to unlock opportunities at a national level.

On 8 June the Prime Minister and President Biden announced the Atlantic Declaration 鈥� a first-of-its-kind action plan covering our economic, technological, commercial and trade relations. As part of that we agreed to explore ways to grow trade between the UK and the US, already worth 拢310 billion, and to launch talks on a Critical Minerals Agreement to ensure this strategically important UK sector can better access the US market.

Read the text of the UK and Florida trade and economic co-operation memorandum of understanding.