Texas Agreement to Boost Green Trade

13 Mar 2024

Published in: British Chambers of Commerce News

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The BCC's Head of Trade Policy, William Bain responds.

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Responding to news the UK government and Texas will sign a Memorandum of Mutual Understanding on trade and investment, BCC Head of Trade Policy, William Bain, said:

“This agreement will boost bilateral trade in emerging industries such as carbon capture and storage, life sciences, and hydrogen.

“Trade between Texas and the UK was worth $21.2bn in 2022. The UK is the 7th largest destination for Texas’ exports, and in return, the UK is the 14th largest exporting market into the Lone Star State.

“The UK is the main source of Foreign Direct Investment projects into Texas, with over $5.7bn in capital investment stock in the period between 2013-2022.

“Agreements at state level in the US are beneficial for investment priorities, and trade promotion. But we still need to see further accords to realise the full potential of the Atlantic Declaration.

“Negotiating agreements on critical minerals and digital trade with the US federal government should be the UK’s next focus. This would provide a strong boost to trade in climate friendly technology and help make exporting, to each other’s markets, speedier and more efficient.”

More detail on the new MOU can be found here.