Texas holdem: Forget EU trade Britain is set to sign 20 US deals worth trillions this year

Mordaunt reveals UK to make state-level agreement with Texas

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Ms Mordaunt told MPs that she has just returned from a trip to Texas which expects to sign a trade deal with the UK in October. But she said that the first of 20 such deals with US states are about to be signed representing 20 percent of US GDP. She pointed out that while many EU states have very small economies, Texas alone would be the seventh largest in the world if it was an independent country.

It came as Labour and SNP MPs again complained about Britain leaving the EU in a Parliamentary session.

The issue came up with veteran Tory backbencher Damian Collins raising it in International Trade questions in the Commons.

He said: “States in the USA like Texas and California have larger GDP than many European nations. 

“Aside from the UK/ US negotiations, could the minister say what progress is being made in doing trade deals between the UK and individual states in the USA?”

Ms Mordaunt said: “We are making considerable progress on this and we are in discussions with around 20 US states. 

“I have just returned from Texas which, if it was a country in its own right, would be the seventh largest economy in the world.

“We are going to do a state level agreement with Texas we hope by October of this year and we will start signing these agreements with US states next month.

“The first eight we have in the pipeline will be the equivalent to 20 percent of the US economy.”

The good news comes despite US President Joe Biden being reportedly not prioritising a US trade deal with the UK because he disagreed with Brexit.

Donald Trump, who may win the White House back in the 2024 election according to polls, had promised a quick deal with the UK.

Negotiations are ongoing with Washington currently, started off by Foreign Secretary Liz Truss when she was in charge of International Trade.

Talks are now being headed by Ms Truss’s successor Anne Marie Trvelyan, who is the current International Trade Secretary and her deputy Ms Mordaunt.

But because US states have autonomy on many issues from Washington DC they are also able to sign trade deals with the UK on an individual level.

DON’T MISS:

Joe Biden ‘too weak’ in face of Putin’s invasion of Ukraine [REVELATION]

China swoops on key Commonwealth island in Pacific – JONATHAN SAXTY [INSIGHT]

Peston says Tory MPs defending Boris in Commons today could lose jobs [REACTION]

Texas is run by Republican Governor Greg Abbott and has a GDP of $1.83 trillion, second only in the US to Democrat run California which is also in talks with Britain.

The positive news on expanding trade with the US comes as Boris Johnson is leading a major delegation to India to accelerate trade talks there.

India is seen as key to the future of manufacturing and an alternative to China where the Communists are now seen as a major threat to the west.

Source: Read Full Article