British Business and Trade Secretary Kemi Badenoch is set to sign a memorandum of understanding with Florida Governor Ron DeSantis on Tuesday to enhance trade and investment between the United Kingdom and the fourth largest U.S. state.
Badenoch stated that the Florida deal marks Britain’s seventh agreement with U.S. states, and negotiations with the U.S. federal government on a broader trade agreement are also progressing positively. She revealed that she had productive discussions with U.S. Trade Representative Katherine Tai during a recent Group of Seven (G7) meeting, with significant progress made on various issues.
“We have a target to conclude very quickly. The last bits are often the trickiest bits,” Badenoch said. “But it’s going well.”
In June, British Prime Minister Rishi Sunak and U.S. President Joe Biden announced the Atlantic Declaration, an action plan aimed at deepening economic, technological, and commercial ties between the two nations, as well as expanding bilateral trade, which currently stands at £310 billion ($380 billion).
Badenoch highlighted that trade teams from both countries are collaborating daily on global challenges such as China, ensuring resilient supply chains, and working on a critical minerals agreement.
However, the comprehensive Free Trade Agreement (FTA) that Britain had hoped for under former President Donald Trump remains uncertain, as Biden has put all such talks on hold since assuming office in 2021.
The trade pact between Britain and Florida aims to facilitate easier, quicker, and more cost-effective business transactions between firms from both regions, focusing on space, financial technology, artificial intelligence, and legal services.
The deal will be signed by Badenoch and DeSantis, a Republican presidential hopeful, at the Port of Jacksonville on Tuesday.
DeSantis met Badenoch during an April visit to London before announcing his bid to challenge Trump for the Republican nomination in the November 2024 election. Trump currently leads the pack in polls for the nomination.
Trade between Britain and Florida already exceeds £5 billion ($6.14 billion) annually, but the new memorandum is expected to further expand this economic partnership.
Aside from Florida, Britain has signed similar agreements with Indiana, North Carolina, South Carolina, Oklahoma, Utah, and Washington. These states, together with Florida, contribute to a combined gross domestic product (GDP) of £3.3 trillion ($4 trillion).
Furthermore, Britain is currently negotiating with several other states, including Texas, New York, California, Colorado, and Illinois.
“Florida is a major economy in its own right, with a bigger GDP than most European countries,” Badenoch noted. “From launching satellites to developing the latest fintech software, Florida’s leading high-tech companies offer huge opportunities to the UK’s rapidly expanding tech sector.”
DeSantis expressed that the agreement would strengthen the partnership between Florida and Britain.
The British government also emphasized that the deal presents opportunities for its growing space sector, as Florida is home to the NASA Kennedy Space Center and plays a significant role in launch infrastructure, manufacturing, and satellite development.
(Reporting by Andrea Shalal; Additional reporting by Alistair Smout; Editing by Edwina Gibbs and Mark Heinrich)
