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DBT announces UK and Texas trade pact

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Published on: 13 March 2024

Published by LNB News

LNB News 13/03/2024

Document Information

Issue Date: 13 March 2024

Published Date: 13 March 2024

Jurisdiction(s): England, Northern Ireland, Scotland, Wales and USA

Article summary

The Department for Business and Trade (DBT) has announced the UK has signed a trade pact with Texas, on 13 March 2024, to boost investment and trade cooperation. The UK is Texas’ 8th largest international goods export market, with total trade in goods worth £14.7bn in 2023. The pact aims to help improve the speed, ease, and cost for UK and Texas firms to do business by tackling trade barriers, growing investment, and driving commerce between the UK and Texas. This pact is targeted at sectors where the UK and Texas have shared expertise such as new energy solutions - including hydrogen and carbon capture, utilisation, and storage, life sciences, and professional business services. Prioritising cooperation on innovative energy solutions such as hydrogen will help the UK to produce more than 12,000 jobs and up to £11bn of investment by 2030 in the hydrogen sector.

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