Florida and the United Kingdom have a close relationship — and it’s not just because the state is a magnet for British tourists. The U.K. is Florida’s top foreign investor. The state supplies the U.K. with a wide range of goods and commodities, including aviation and aerospace products. British affiliates have total holdings of more than $18 billion in Florida, with more than 350 British companies employing 70,000 Floridians, according to the Florida Department of Commerce.
All of that explains why the British Isles and the Sunshine State have signed their very own trade deal. In November, Gov. Ron DeSantis and the U.K.’s secretary of state for business and trade, Kemi Badenoch, signed an agreement to boost trade and investment between the two sides. The memorandum of understanding (MOU) focuses on space, fintech, medical technology, cybersecurity, artificial intelligence and semiconductors, among other things.
“This MOU is really important because it lays a strong foundation for continued economic development in the state of Florida and key industry sectors, both for us and the United Kingdom,” says TJ Villamil, deputy commerce secretary and president of Select Florida, a public-private partnership that functions as the state’s international commerce organization. “It’s going to catalyze and accelerate a lot more economic growth, already building upon the strong foundation that we have between both of our economies. So we’re really excited about what we have in place.”
With all that said, it’s important to note what this trade pact actually does, and what it doesn’t do. For one thing, it’s not legally binding. The U.S. Constitution says individual states can’t enter into legal treaties with foreign nations. Only the federal government can do that. The Florida-U.K. agreement can’t reduce tariffs, for example.
That doesn’t mean the trade agreement is meaningless, though. Florida commerce officials are convinced that it can move the needle and make a real difference. The agreement spells out several things that the two sides will do to strengthen their economic partnership, including virtual and in-person trade missions, facilitating opportunities for bilateral investment, and encouraging academic cooperation. The two governments plan to hold regular meetings to address any barriers to trade.
“We have some things that are already in the works that are going quite well,” Villamil says. Delegations from the U.K.’s medical and tech industries have been touring the state. Space Florida is collaborating with the U.K.’s space agency to boost the aerospace trade. And U.K. officials have expressed interest in learning more about Florida’s environmental resilience practices.
Florida has 18 overseas offices on five continents, according to Select Florida. One of them is in London. British-owned companies doing business in Florida include Barclays Bank, Deloitte, Ernst & Young, and HSBC Bank.
Other News
- The Port of Palm Beach, for the first time in at least a decade, saw all port berths occupied Feb. 1 with container, cargo and cruise ships, barges and yachts. The port says 2023 marked an 11% increase in net operating revenue. The port saw cargo growth in cement, sugar, container cargo and non-container cargo while the number of cruise passengers increased 183%.
- The Central Florida Expressway Authority’s latest five-year work plan will generate $3.8 billion in gross domestic product and will support an average of nearly 7,200 annual jobs, according to a study by the University of South Florida’s Center for Urban Transportation Research. The plan calls for widening sections of State Roads 408, 417, 429, 528 and 538 as well as extending the Poinciana Parkway.
- JAXPORT leaders approved a 30-year agreement with Enstructure of Wellesley, Mass., to lease and develop 79 acres at JAXPORT’s Talleyrand Marine Terminal. It will serve as a mixed-use facility that is able to move multiple cargo types.
- Gainesville Regional Airport broke ground on a four-level, 418-space parking garage and intermodal transportation center. The $13-million facility is receiving funding from the Federal Aviation Administration, Gainesville Alachua County Airport Authority and the Florida Department of Transportation. The project is slated to be completed later this year or early next year.