I am very pleased to be able to provide this introduction to BritishAmerican Business 2001 and underline our support for British American Business Inc.

The uniqueness of that relationship is also reflected in the levels of UK foreign direct investment in the US and vice versa-two-way earnings from UK/US foreign direct investment were around £26 billion in 2000.

The wide variety of UK products found in the North American marketplace and the spread of US products available in the UK serves to highlight the continued growth in transatlantic trade and investment we’ve seen over the years and hope to see develop in the future.

As those levels of trade continue to rise there has also been a shift in the mix of products being exported from the UK to the US with a large growth in exports of high knowledge content products - e.g. components for telecommunications, electronics and computers.

The UK and US are also mutually important for accessing wider markets - the UK as a base for US companies looking to Europe; the US as a base for UK firms looking to the Americas - North, Central and South.

We have seen the success of the industrial policies of individual States in the US. In the UK we’re applying the lessons in our regions:

	promoting regional innovation
	supporting small business
	providing venture capital
	growing e-commerce possibilities
	helping business start-ups
	and developing Manufacturing Centres of Excellence.

But our relationship is about far more than building business opportunities, important as they are. Our nations share a common belief in democracy in opportunity for all, in liberty and security and that is strengthened by increasing trade worldwide. Our focus remains on multilateral liberalisation and the importance of the launch of the New Round of trade talks.

Through support for their member companies, BritishAmerican Business Inc is a valued private sector partner for the British Government in further developing that historical two-way trade and investment.

For the first time the post of Minister for Trade is based both in the Foreign and Commonwealth Office and the Department of Trade and Industry. This means, uniquely, I act as a bridge between the two departments and speak on both foreign affairs and trade. In the Foreign and Commonwealth Office I also have a specific wider remit for North America.

I very much look forward to strengthening and developing the trading bond between us and continuing to develop and work closely with the BABC on both sides of the Atlantic.