A common cause

Richard LeBaron, Chargé d’Affaires, the US Embassy in London, examines the shared values and business practices that strengthen the US/UK partnership

On both sides of the Atlantic, we often say that there is no other partnership in the world comparable to the partnership between the US and the UK. Our enduring partnership is mutually advantageous and reflects common interests and values as well as similar aspirations and common goals.

A key component of our partnership is our impressive trade and investment, an important economic engine for our countries as well as for the world at large. Our partnership in foreign direct investment is the largest in the world with a cumulative direct investment stock valued at over $800bn. Our bilateral trade is valued at over $200bn annually. Each year, over eight million US and UK citizens travel across the Atlantic for both business and leisure.

With our common language, values, and business practices, US exporters view the UK as a natural entry market into Europe. Every year, more than 40,000 US companies are actively doing business in the UK. Since investment naturally follows trade, it is not surprising that 40% of overseas direct investment in the UK is from the US. Moreover, the UK is the top location in Europe for US regional headquarters covering Europe, the Middle East, and Africa.

The global economic downturn presents an unprecedented challenge to our trade and investment. Already in the last quarter of 2008, bilateral trade had declined by 10% compared to the same period in 2007. Our two governments are undertaking critical measures to shore up financial systems, to ensure the availability of trade finance, to instill business confidence, and to create jobs.

When I meet with business representatives from both sides of the Atlantic, I hear one common refrain - that although they are facing many difficult business issues and decisions, they are also optimistic for the future. They point out that active engagement in the business community, flexibility, and a positive outlook are helping them to deal effectively with current problems. They also know that it is important to explore opportunities and maintain a long-term perspective in order to be poised for growth.

From the Embassy’s perspective, our engagement with BritishAmerican Business is fundamental to our ability to assist US businesses with their challenges. Throughout the year BritishAmerican Business’s many activities on both sides of the Atlantic are an important contribution to bringing our two business communities together and to bolstering our trade and investment ties. We are proud of our valuable relationship with BritishAmerican Business and with Her Majesty’s Government in support of our mutual trade and investment goals.

As you explore new business opportunities, I encourage you to take full advantage of the support available from all of the organizations featured in this guide. Your concerted efforts to strengthen business ties between the US and the UK are very important to both our economies now and as a foundation for future growth. I wish all of you continued success in your business endeavors and thank you for your strong commitment and contribution to the US-UK trade and investment relationship.

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