Tuesday, 26 July 2016

U.K. to Expand Offices in U.S. to Promote Post-Brexit Commerce

In World Economy News 26/07/2016

The British government is to add three offices in the U.S. in an effort to boost commerce with its second-largest trading partner following the Brexit vote.
The offices, in Minneapolis, Raleigh and San Diego, will each have one staffer, recruited locally on behalf of the U.K. government, the Department for International Trade said in a statement Tuesday. Britain has offices in Seattle and Denver, with the former supporting 8 million pounds ($11 million) in capital investment and 1,000 U.K. jobs in the past year, it said.
“Our ambitious vision for an open and outward-looking U.K. economy includes growing our footprint in the most important markets around the world and these three cities offer exciting opportunities to boost trade and investment,” Trade Secretary Liam Fox will tell a business audience in Chicago.
Trade between the U.K. and U.S. amounted to about $115 billion last year, according to data compiled by Bloomberg. U.S. Secretary of State John Kerry said after talks with U.K. Foreign Secretary Boris Johnson last week that no trade deal could be inked until Britain completes its exit from the European Union. Britain has also sent trade delegations to China and India to negotiate new relationships since the June 23 referendum.

Source: Bloomberg