Texas and United Kingdom Strengthen Economic Ties with Mutual Cooperation Agreement

Texas and United Kingdom Strengthen Economic Ties with Mutual Cooperation Agreement
PM Sunak and Texas Governor Abbott

Governor Greg Abbott of Texas and United Kingdom Secretary of State for Business and Trade, Kemi Badenoch, have formalized a commitment to deepen economic ties between their regions. The signing of a Statement of Mutual Cooperation (SMC) took place at 10 Downing Street in London during Governor Abbott’s economic development trip.

Abbott expressed the significance of the UK’s role in Texas’s economy, stating, “Strengthening the bond between Texas and the United Kingdom is crucial for our shared economies to prosper.” Secretary Badenoch echoed this sentiment, highlighting the $18 billion worth of goods traded between the two regions last year.

The SMC aims to facilitate trade and investment between Texas and the UK, particularly focusing on sectors such as energy solutions, chemicals production, health and life sciences, and advanced technologies.

Following the signing, Abbott met with UK Prime Minister Rishi Sunak to discuss further enhancing cultural and economic ties. He also met with former Prime Minister David Cameron to explore opportunities for strengthening economic partnerships.

An evening reception hosted by Secretary Badenoch included discussions with business and government leaders from the UK. Abbott highlighted significant UK investments in Texas, including projects by BP, JCB, Linde, and BAE Systems.

Texas has seen substantial investment from the UK, with $8.6 billion invested in the last decade, leading to the creation of over 18,000 jobs. The trip was sponsored by the Texas Economic Development Corporation, aimed at promoting Texas as a premier business location under Governor Abbott’s economic development agenda.