| BritishAmerican Business
Inc (BABi) provides a vital link for businesses on both
sides of the Atlantic. As the Chargé d’Affaires
of the US Embassy in London, it gives me great pleasure
to welcome you to the 2005 edition of the BABi Handbook.
This Handbook and the organisation behind it are valuable
resources for US companies seeking information about
investing or conducting business in the UK.
The importance of the transatlantic relationship has
never been greater. Many US companies have found a welcome
home in the UK and use their offices here as a springboard
for investments further abroad in Europe and the Middle
East. The UK offers a sound business foundation for
expansion. According to the International Monetary Fund,
the UK’s GDP per head is higher than any other
major European country. Barclays Bank reports that if
current trends continue, in 20 years’ time the
UK is poised to become the largest economy in Europe,
overtaking its nearest competitor, Germany, for the
first time in decades.
Many US businesses invest in the UK’s economic
growth. As of 2003, total US direct investment in the
UK exceeded $272bn. In fact, for every dollar US companies
invest in Europe, forty cents remain in the UK. Total
two-way trade exceeds $81.9bn. And it is growing. In
a recent BABi survey, approximately three-quarters of
its members said that they expect to expand their US/UK
business over the next 18 months.
From a business standpoint, our partnership is key
to the growth and sustainability of the global economy.
We share common objectives and similar business values.
We work together to promote free and fair competition.
The US and UK both strongly support the Doha Development
Agenda. These negotiations present a once-in-a-generation
opportunity to dramatically reform the rules of world
trade, open up new markets for goods and services, and
spur economic and political progress throughout the
developing world.
Both our nations recognise that agreement on market
access openings in agricultural products, industrial
and consumer goods and services could add as much as
$3tn annually to the world economy by the time full
liberalisation takes effect.
Both of our economies have sometimes faced obstacles
from regulations that impede investment and trade. Our
governments are working to reduce these barriers. During
last year’s US–European Union Summit, the
Transatlantic Business Dialogue initiative was revitalised
to provide a forum for businesses to provide direct
input on how to improve trade and business. Business
groups and individual leaders are contributing to this
on-going dialogue with the goal to establishing a barrier-free
transatlantic market.
As a result of these contributions, the Transatlantic
Business Dialogue has made valuable recommendations
that can help remove impediments to free trade across
the Atlantic. These include ways to liberalise capital
market transactions and to co-ordinate regulation and
supervision in securities and banking.
This is an exciting time to be a member of the transatlantic
partnership, and the US Embassy can provide your business
with assistance. Our US Commercial Service department
is part of a global network of trade specialists dedicated
to supporting US commercial interests around the world.
They can help you promote your goods and services into
the UK market through a variety of services.
With BABi and the US Commercial Service as resources,
this is an excellent opportunity to share in the growth
of the transatlantic partnership.
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