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Welcome to the BABN’s February Policy and Trade Update.

The past month has seen a number of encouraging developments in transatlantic trade and investment, including a new US state outreach initiative launched by the UK Department for International Trade that will lead to activities all across the US. In addition, BAB launched the Transatlantic Growth Tracker 2022, the most comprehensive database of UK-US investments reported in the previous year. Finally, as meeting and travel restrictions ease, the first trade delegations are being prepared to take businesses and stakeholders across the Atlantic. 

See below for last month's policy and trade headlines, as well as additional information on upcoming events in the Network.

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UK Government's State-Led Approach to Transatlantic Trade
February 2022

The UK Department for International Trade (DIT) has announced it will pursue trade cooperation with individual US states in tandem with its efforts to enhance UK-US trade at a federal level. The UK government has indicated it will seek Memorandums of Understanding (MOUs), mutual recognition of professional qualifications, and regulatory dialogue with states across the US in order to continue strengthening trade and investment between the two countries.
BAB welcomes the government’s ambition to strengthen ties at the state level and has been fortunate to work closely with Minister for Trade Policy Penny Mordaunt in preparation for this initiative. While sub-federal trade cooperation should not be seen as a replacement for a comprehensive UK-US free trade agreement, engaging with US states has the potential to strengthen local economic ties, while also building a coalition of support for future UK-US trade negotiations.

BAB CEO Duncan Edwards responded to the UK Government's state-led approach to trade cooperation, commending DIT's efforts to strengthen trade through state-level engagement and reiterating support for a comprehensive free trade agreement. Read the full statement here.
Policy Updates
Progress on UK CPTPP Accession
 18 February 2021

It was announced on February 18 that the UK would move into the second phase of accession to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). UK Secretary of State for International Trade Anne-Marie Trevelyan will travel to Indonesia, Japan, and Singapore in the coming week to launch the final accession stage and continue to strengthen economic ties with partners in the Indo-Pacific region.
Section 232 Tariffs: US and Japan
7 February 2022

US Trade Representative Katherine Tai and US Secretary of Commerce Gina Raimondo announced a new 232 tariff agreement with Japan earlier this month. Under the terms of the agreement, Japanese steel products entering US markets will no longer be subject to the application of Section 232 tariffs.

Despite progress made between the US, EU and Japan to resolve Section 232 tariffs, a similar agreement has yet to be reached with the UK (although discussions between the two governments are ongoing). BAB and many of our members have actively engaged with this issue over the past several years and we urge both the US and UK government to prioritise a timely and constructive resolution to ongoing trade disputes.
Trade Updates
2022 Transatlantic Growth Tracker
February 2022

BAB is currently looking for submissions to our annual Transatlantic Growth Tracker (TAG). The campaign highlights the strength of transatlantic trade and investment by tracking companies—from SMEs to MNCs—that have expanded or invested on either side of the Atlantic in the past year.

The TAG Tracker is available to members and non-members. To submit your company or a client, partner or subsidiary, see here. To learn more about the TAG Tracker or to see the companies we recognised in 2021, please visit our webpage.

Select USA 2022
February 2022

SelectUSA is a federal program aimed at promoting and facilitating business investment in the US. Each year, a SelectUSA Investment Summit is held in the US with exhibitor showcases, networking opportunities, and sessions with policy and industry experts.

This year's summit will be held in-person in National Harbor Maryland from June 26 to 29. Click here to learn more about SelectUSA, view the new SelectUSA website, or register to attend the 2022 Investment Summit.
Join the LGBTQ+ Tech Leaders Mission
June 2022

Applications for the LGBTQ+ Tech Leaders trade mission, led by the UK Minister for Exports and Equalities, are now open. The mission will include meetings in Austin, Houston, and San Francisco and offer programs for businesses on doing business in Texas and California, supply chain diversity initiatives, US tech opportunities, and networking events hosted by the Consul Generals in Houston and San Francisco.

Learn more about the mission and eligibility here.
Events & Initiatives in the Network
JobsOhio UK Aerospace Reception
22 February 2022

Marking a welcome return to in-person events and transatlantic travel, JobsOhio and the Ohio Aerospace Institute recently hosted a delegation from the UK Government, UK Department for International Trade, along with British aerospace manufacturers in Cincinnati for a networking reception with the Ohio aerospace industry.
BABC Philadelphia: The Future of the US-UK Trade & Investment Relationship
24 February 2022

BABC Philadelphia recently hosted a virtual roundtable discussion on the future of the US-UK trade and investment relationship with Emma Wade-Smith OBE, Her Majesty’s Trade Commissioner for North America. The session was a valuable opportunity to hear an insider’s view on the current state of US-UK trade negotiations, post-COP strategies, sector-specific updates, and key areas of focus in 2022. Visit BABC Philadelphia’s event page to stay updated on future virtual and local events.

COP26 to COP27: Challenges and Opportunities
17 March 2022

Join the Scottish North America Business Council, in partnership with BABN, for a virtual discussion on key issues for businesses following COP26 and potential themes which are likely to characterise COP27 in 2022. The session will feature an expert panel including Dean Lockhart MSP, Professor Dave Reay of Edinburgh University, Lolita Jackson, Executive Director of Communications at Sustainable Development Capital LLP, and Craig Sterling, CEO of CuanTec Ltd. Register for the event here.
Apply for US-UK FIP Mission
25 March 2022

The US Department of Commerce, International Trade Administration is organizing a financial services trade mission to the UK in partnership with the US-UK Financial Innovation Partnership Initiative to expand opportunities for US companies at the intersection of financial services, technology, and international commerce.

The mission will be traveling to London from June 27 to 29. For more information on the FIP mission or to register your interest in joining, please see here. The application deadline is March 25 and spots are limited.
Thank you for reading this month's Policy and Trade Update. If you have any feedback or comments please contact us.

BAB participates in and offers policy and trade support to the BritishAmerican Business Network, a group of over 20 independent trade organisations across North America and the UK. If you would like to learn more about the network and its activities, please visit our website.

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