Been forwarded this email by a colleague? Sign up today to receive this update straight to your inbox! Sign Up Now
|
|
Welcome to the April BABN Policy and Trade Update.
Last month saw the signing of the UK-Texas Statement of Mutual Cooperation. With this new agreement, the UK has now signed eight state-level trade pacts with US states. In conjunction with the signing of this latest agreement, BAB has produced a comprehensive analysis of all MoUs signed so far between the UK and US states - more on that below. Earlier in the month, we also saw the Spring Budget being delivered, which included a number of announcements concerning businesses. Beyond that, both the UK and the US are gearing up for the elections, with useful work being done to assess the impact of various election outcomes for businesses on both sides of the Atlantic.
This month, we look towards the 8th SME Dialogue, taking place on the 16th of April in Belfast, Norther Ireland. This will be an opportunity for small and medium businesses and stakeholders on both sides of the Atlantic, together with government officials, to meet and join discussions to identify ways to deepen US-UK trade and investment ties and strengthen cooperation on issues of mutual interest to SMEs. We also expect an official announcement of the next US-UK Comprehensive Dialogue on Technology & Data meeting to be made soon.
See below for a breakdown of policy and trade headlines and our published works.
|
|
Spring Budget
6 March 2024
What happened: Last month, UK Chancellor Jeremy Hunt delivered the Spring Budget. This could be the last fiscal event before a UK general election.
In summary: This year's Budget included a number of measures affecting businesses, especially around taxes, investments, sustainable growth, and SMEs. Some of the main commitments include: the extension of the Growth Guarantee Scheme through to March 2026; recognising the importance of SMEs for the UK economy by implementing a series of initiatives aimed at helping businesses obtain financing; and the creation of an SME Digital Adoption Taskforce, among others.
Find our more: To learn about all the details of the Spring Budget, see here.
|
|
UK-Texas Statement of Mutual Cooperation
14 March 2024
What happened: Last month, the UK signed its eight state-level trade agreement with a US state so far. The Statement of Mutual Cooperation with Texas follows a series of Memoranda of Understandings signed with Indiana, North Carolina, South Carolina, Oklahoma, Utah, Washington State, and Florida.
In summary: This SMC builds on the strong existing relationship between the UK and Texas, and focuses on areas for bilateral cooperation that are of mutual interest, including emerging energy solutions, life sciences, infrastructure, and professional business services. BAB welcomed this agreement, noting how this is a huge win for business, given Texas is the 9th largest economy in the world.
Want to learn more: To read the full text of the SMC, visit DBT's page here. You can also read BAB's CEO Duncan Edward's comments on this press release. BAB also released a new paper analysing all MoUs that have been signed so far - keep reading for more details.
|
|
US-UK SME Dialogue
16 April 2024
What it is: The 8th US-UK SME Dialogue will take place on Tuesday, April 16th in Belfast, Northern Ireland. This event is organised yearly by the U.S. Trade Representative, the U.S. Department of Commerce, and the U.S. Small Business Administration with the UK Department for Business and Trade.
What will it focus on: Topics for discussion include opportunities and challenges for small businesses in US-UK trade; benefits of digital tools and paperless trading; creative industries and U.S. and UK approaches; and intellectual property protection. Attendees will be able to engage in discussion with experts from the US and UK, as well as learn about tools and resources to grow their businesses internationally.
Find out more: For any additional details on the initiative, please reach out to Fran. BAB will be present at the event.
|
|
'Creating a Rationale: An Analysis of the UK’s MoU Initiative with US States'
21 March 2024
|
What it is: Right after the announcement of the signing of the UK-Texas trade pact, BAB released a report on the UK MoUs with US states. The paper offers a comprehensive analysis of all the MoUs, by delving into their structures, objectives, areas and industries of focus, implementation mechanisms and means of cooperation, and progress monitoring.
|
|
|
In summary: The report underscores the value of these agreements in fostering economic collaboration, while emphasising the need for a clear strategic vision, coordinated implementation, and transparent communication to maximise their long-term economic value. A number of other benefits to this initiative are also explored in this paper. The paper argues that, while quantitative outcomes may take time to materialise, qualitative indicators and strategic integration underline the positive impact of MoUs on transatlantic trade and investment cooperation.
Where to read: Read the paper here, and our press release here.
Want to learn more? Please contact Francesca Lentini (London) (flentini@babinc.org) for feedback or questions on the paper.
|
|
US-UK AI Safety MoU
1 April 2024
What happened: The US and the UK have signed a Memorandum of Understanding (MoU) which will see its respective AI Safety Institutes partnering on research, safety evaluations, and guidance for AI safety.
In summary: The MoU paves the way for the US and the UK to work together to develop tests for the most advanced AI models. This leads on from the AI Safety Summit in Bletchley Park in the UK last year. The partnership will take effect immediately, and it is intended to align scientific approaches and allow for the countries to share information about capabilities and risks associated with AI models and systems.
Want to learn more?: Read the full press release here and here.
|
|
Help to Grow SME Campaign
1 February 2024
What is it: The UK Department for Business and Trade launched its 'Help to Grow SME campaign', alongside the creation of a new Small Business Council which is chaired by Small Business Minister, Kevin Hollinrake, brings together SME leaders from across the country to tackle the key issues facing small firms who will ne given new levels of direction access to government. The Help to Grow website has also been refreshed to create a one-stop stop for SME's to find information they need to grown and scale up.
Want to find out more?: Browse through the campaigns website here, and ask Francesca Lentini (flentini@babinc.org) if you would like to know more.
|
|
WTO's 13th Ministerial Conference
26 February - 2 March 2024
What is it: The WTO's 13th Ministerial Conference (MC13) took place from 26 February to 2 March 2024 in Abu Dhabi, United Arab Emirates. Ministers from across the world attended to review the functioning of the multilateral trading system and to take action on the future work of the WTO. The Conference was chaired by H.E. Dr Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade.
What happened: Topics of discussion ranged from food security and e‑commerce to fisheries subsidies and reform of the WTO, as well as domestic regulations of services and investment facilitation.
Find out more: To read a summary of the main outcomes, see here.
|
|
SelectUSA Investment Summit
23-26 June 2024
Overview: The SelectUSA Investment Summit returns to National Harbor, Maryland this June to establish new connections and opportunities to grow through investing in the US.
More detail: The Summit is the highest profile event in the US to facilitate business investment by connecting thousands of investors, companies, economic development organisations (EDOs), and industry experts. The event provides a platform to connect with representatives from 50+ states, 80+ markets, and to gather advice from policy and business experts.
Want to attend?: If you'd like to learn more about the Summit or attend, more information can be found here. The US Embassy in London, in partnership with BAB, will lead a delegation of UK companies to the Summit. BAB UK Executive Director, Alice Mount, will represent BAB as part of the delegation. To learn more, please contact Francesca Lentini (flentini@babinc.org).
|
|
Thank you for reading this month's Policy and Trade Update. If you have any feedback or comments please contact us.
BAB participates in and offers policy and trade support to the BritishAmerican Business Network, a group of over 20 independent trade organisations across North America and the U.K. If you would like to learn more about the network and its activities, please visit our website.
If you no longer wish to receive communications from BritishAmerican Business, please unsubscribe using the link below
|
|
|
|
|
|
|
