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Strong relationships count
I am delighted, once again, to contribute to BritishAmerican Business’s annual US handbook, American British Business. The UK and the US are the most open major economies in the world. We must continue to protect and promote our ability to work together and invest in each other’s markets.
As we adapt to globalisation, we should remember that the US has more assets in the UK than in the entire Asia- Pacific region. This is particularly striking at a time when there is such a strong focus on China and India. The US is overwhelmingly the UK’s biggest foreign direct investment partner and vice-versa. This US-UK investment partnership impacts on all sectors, and thrives on our strong cultural links and affinities. We see the benefits in employment, with over one million jobs created on each side of the Atlantic, in bilateral business, with over 7,000 British companies with offices in the US and more than 5,000 US companies based in the UK, and in the two-way flow of visitors, with about four million people visiting the US from the UK each year and 3.6 million from the US visiting the UK annually.
UK/US commercial connections abound in the financial services sector and defence. In the field of energy security, British and American companies are at the forefront of developing new energy sources. At a time when governments increasingly focus on the importance of promoting R&D investment and fostering the knowledge industries, we in the UK need to remember that the US invests 100 times more in R&D than India, and 30 times more than China.
There is still much more we can do to further transatlantic economic co-operation. The OECD has calculated that if the European Union undertook structural reforms, and the US reduced its tariffs and barriers to investment, GDP per capita on both sides of the Atlantic would be boosted by over 3%. The rest of the OECD would also benefit from such unilateral EU-US liberalisation, with a projected 1.5% boost in their GDP per capita. We need to work together to limit potential impediments to investment on both sides of the Atlantic.
I have co-operated closely with business in Washington on this issue, ensuring that my quarterly breakfast briefings keep this high on our agenda. Economic patriotism will benefit no one in the global market place, whether it is American protectionism or Europe’s reluctance to liberalize markets and improve competition.
We, at the Embassy, have collaborated closely with the British-American business community in Washington to promote the recently created UK Caucus in the US House of Representatives. An initiative of two members of Congress, the Caucus provides a forum for enhanced USUK cooperation, and a platform for discussing key issues on Capitol Hill. The Caucus now has nearly 100 members and, with BABC’s sponsorship, recently hosted the British Secretary of State for Trade and Industry, Alistair Darling. The relationship with the business community continues to be one of the most important, stimulating and satisfying aspects of my job. My business affairs team in Washington works with our network of posts around the US, and with UK Trade & Investment (UKTI) and the British-American business community in Washington.
Together, we have staff who help British businesses
with enquires across the US, from investment
clearances and homeland security prospects in
Washington DC, to analysis of local market forecasts
across the country. We also assist American businesses
with an interest in Britain to make an initial investment
or to develop their existing business.
My thanks to all who contribute to our business
partnership, which is at the core of our bilateral
relationship. I look forward to working with you all in
the year ahead.
May it be a prosperous one.
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