Organisations such as BritishAmerican Business Inc make a valuable contribution to strengthening and developing the transatlantic relationship, a relationship that is probably more important now than at any other time in the past 50 years.

Trade links between Britain and America have always been close. We are the largest investors in each other’s economies with trade between us worth over $1bn every day. We also share so much more than just a common language. We have common values of freedom and free speech, of democracy and a belief in the rule of law, and we have a real commitment to global prosperity and security.

But we face many challenges too. We must work together to sustain levels of transatlantic business during the current global downturn. The case for strengthening world trade links is always strong, but it is overwhelming when international security is threatened by terrorism and uncertainty.

The UK is a key European hub in the international economy. We are both within Europe and linked to the US. Over 5,000 US companies already have bases here and employ almost one million people. From the UK, they have a unique gateway to a EU customer base of almost 400 million, which, after enlargement, will rise to over 450 million.

We have built a stable, business-friendly economy to ensure that we remain the best place in Europe to do business. Britain’s creativity and innovation give us our competitive advantage. Our scientific achievement has been recognised with 46 Nobel prizes over the past 50 years. With just 1% of the world’s population, we fund 5% of the world’s science; produce 8% of scientific papers; and get 9% of scientific citations.

We attract around a fifth of all investment into the EU because we can create new products and new processes – continually innovating and improving in a fast-changing world. We do not – nor want to – compete on the basis of low cost, low skill, low-value goods.

The government supports our trade and investment relationship with practical help for business, because it is business that creates our prosperity.

There are 38 full-time staff based in regional inward investment teams in the US. Teams that collectively make contact with over 1,000 US companies each year. Trade Partners UK, too, has over 130 staff working in both the US and London to provide a wide range of advice and guidance to UK companies doing business across the Atlantic.

I believe that the transatlantic relationship is crucial to our peace, security, freedom and prosperity. I am determined to continue working hard in building that relationship for our businesses and our people. I am counting on BritishAmerican Business Inc to do so too.