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.