UK-US business links at the heart of trade
Speech delivered by Minister of State for Trade Policy Greg Hands to UK and US members of the British American Business group in London, 15 May.

It鈥檚 a long time since I left America. I was born in Rochester, in upstate New York, and I spent my first 8 years in the US, in New York and California; and then for most of the 鈥�90s I went back to work there, working on Wall Street, but covering markets and clients across America.
But then New York, and America: they never really leave you, do they?
Those of us lucky enough to live there always remember the dynamism and endless optimism you get 鈥� it鈥檚 easy to be cynical, until you walk through the cities which that optimism built.
And those, like me, who鈥檝e worked and lived in several countries know there are few closer together than our 2.
Somehow, people always seem to undervalue the cultural factor in trade.
We spend our time talking about the technicalities of tariff schedules and the intricacies of international standards 鈥� but being able to speak the other person鈥檚 language is pretty important when you鈥檙e sealing a deal.
It鈥檚 obvious when you think about it.
Well if you鈥檙e an American business looking to trade abroad - there鈥檚 no other country you can trade with that鈥檚 got more native English speakers. And it鈥檚 the same the other way around.
But our links go far beyond language.
We have the same business culture 鈥� the French don鈥檛 even distinguish it, they just refer to it as 鈥榗apitalisme anglo-saxon鈥�.
Last week I got talking to someone who鈥檇 worked in finance, in a number of different countries.
He said, 鈥渢he thing about the British and Americans is you鈥檙e both constantly worrying about losing competitiveness. But you don鈥檛 get it - it鈥檚 just so easy to do business here鈥�.
That鈥檚 why we鈥檙e the 2 countries ranked sixth and seventh for ease of doing business in the entire world; why we鈥檙e the world鈥檚 first and second-largest service exporters; and why every single year, every single one of the 10 most reputed universities are in either the UK or the US.
That鈥檚 why the work British-American business does to forge those links is so important: so a big thank you, on behalf of the government, for everything you do.
And that鈥檚 why this excellent publication is so important. Yes, America is our largest export market: almost twice the size of Germany.
Yes, we鈥檝e got over half a trillion pounds invested in each other鈥檚 economies; and yes, that鈥檚 huge.
But the statistics don鈥檛 matter in and of themselves. It鈥檚 what they mean.
That half trillion, for example: that means there鈥檚 huge numbers of Brits with jobs at American firms; and as the report states over a million Americans who have jobs because of British investment.
So it鈥檚 the individual examples, like the ones we鈥檝e got here, that matter 鈥� the individual exemplars that we鈥檙e here to celebrate.
Let me pick some out. How about the 100 US service veterans who鈥檝e got jobs at Britain鈥檚 Jaguar LandRover, as part of a dedicated scheme? Or the 1,000 US employees of architects Arup 鈥� skilled jobs from a respected company.
And those examples: they鈥檙e just the tip of the iceberg, a drop in the ocean, compared to the value of UK-US trade for our jobs and our businesses.
There鈥檚 14,000 UK companies with US subsidiaries.
I鈥檝e seen some of them in my travels across the US I have done in this ministerial job, way beyond New York and the Beltway: to Chicago, LA, San Diego, Denver, Ft. Worth, Austin, Seattle and Salt Lake City.
It鈥檚 almost as if I heard Horace Greeley when he said: 鈥済o West, and grow up with the country鈥�.
So the government wants to secure and enhance your ability to trade with America.
And we鈥檙e taking steps right now to do that.
UK Export Finance can now provide up to 拢4 billion of support for the American market.
We鈥檝e set up a Trade and Investment Working Group, to boost commercial links, before we leave the EU. We鈥檝e already made good progress 鈥� for example, we鈥檝e agreed steps to protect small businesses鈥� intellectual property.
And we鈥檙e laying the ground for a new, comprehensive trade agreement with the US 鈥� one of the great opportunities beyond the EU Customs Union.
So, ladies and gentlemen, the American opportunity is one we鈥檙e well placed to seize. Few economies are more complementary. Few allies are closer.
That鈥檒l be strengthened when the President visits here in July.
To quote Steven Mnuchin, the US Treasury Secretary: 鈥淎s soon as the UK is ready we will be prepared to negotiate an attractive trade deal鈥�.
Well - we will be ready. And from March 2019 we can negotiate, sign and ratify trade agreements.
But first, we need your help. We can鈥檛 let people take for granted the benefits of free trade or our Anglo-American friendship. It鈥檚 too important for that.
This is a fantastic opportunity.
Let us work together to make it a reality!