| In this new century,
we take on new challenges and address the legacies of
the 20th century. Whether these challenges and issues
are economic, disaster relief, or political in nature,
alliances and co-operation with our key international
partners are more important than ever before.
The US remains the UK’s most important economic
partner and, as a study conducted in 2004 by Ernst &
Young confirms, the UK is the largest recipient of US
foreign direct investment (FDI) in terms of numbers
of projects.
As the importance of FDI – and especially US
investment in the UK’s economy – testifies,
the future wellbeing of both our countries depends on
strengthening our existing links and forging new ones.
This is a central goal of UK Trade & Investment’s
(UKTI) mission here in the US.
Myself and colleagues, at posts throughout the US,
are committed to helping British companies develop their
businesses and to attracting, retaining and increasing
US investment in the UK. The UK’s reputation for
innovation and as the best place to do business in Europe
gives us an excellent launch pad for our work here.
In November 2004, Peter Mandelson, a former member
of the Blair government, was appointed the European
Union’s (EU) new trade commissioner. He will be
negotiating international trade relations on behalf
of all EU member states, a market of well over 400 million
people. Mandelson and others this year are working to
reform the European economy, to advance global trade
and further extend its benefits to the developing world
through the World Trade Organisation’s Doha Development
Agenda, and to strengthen the EU–US transatlantic
economic relationship. This is also UK’s agenda.
What we hope to achieve in 2005 rests significantly
on strengthening our existing alliances, seizing the
opportunities afforded by our Presidency of the G8,
and of our Presidency of the EU in the second half of
the year. Both will mean working even more closely than
usual with the US. This partnership is particularly
vital with the G8 agenda, where our two main priorities
are climate change and Africa.
A key aspect of tackling climate change is the promotion
of cleaner and more efficient energy technologies, and
their uptake in emerging economies in the developing
world. This requires collaboration among all our partners
– both business and political.
Decisions taken now will affect energy use for the
next 30 years. We cannot delay action. Our goal in 2005
is to achieve international agreement on the faster
introduction of these smart technologies. We will use
our significant research and business links, both in
the US and Europe, to achieve our goals, for this is
not something the UK – or US – can accomplish
in isolation.
UKTI USA is playing an important role in the implementation
of the climate change agenda through our work on business-related
renewables initiatives. Working with US and UK business,
UKTI’s activities are at the centre of efforts
to reach Britain’s goal of cutting carbon dioxide
emissions by 60% by 2050. Through a series of events
and missions on both sides of the Atlantic, UKTI’s
efforts are introducing the US renewables industry to
new business opportunities, which – as the British
government drives a potent policy agenda aimed at facilitating
market-based solutions in renewable energy – are
making the UK a world leader in renewables.
As for our second G8 priority, Africa, the problems
facing that continent are well known: poverty, ineffective
and unstable governments, conflict, debt, the AIDS pandemic.
Here our aims are equally clear: to promote conflict
prevention and resolution; to foster good governance;
to combat poverty with sustainable development; to improve
human rights and to work towards the eradication of
disease.
Again, UKTI USA is working closely with our policy
teams in our Embassy in Washington to promote our agenda
to our business contacts across the US. And we are in
regular dialogue with US and UK pharmaceutical companies,
which are pledging life-saving medical supplies and
funds to help combat the growing crisis of AIDS.
Examples such as these underpin the power of partnership
and the progress achieved by co-operation and the pooling
of influence and resources.
We look forward to working with BABi on these important
and challenging goals for 2005.
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