Today, Jay Timmons, president and CEO at the National Association of Manufacturers (NAM), and Terry Scuoler, CEO at EEF, the UK-based manufacturers’ organisation, signed a Memorandum of Understanding that seeks to promote greater collaboration and partnerships between the two organizations and to promote the NAM and EEF’s respective missions to strengthen and grow manufacturing in the United States and the United Kingdom. The agreement sets forth a number of activities, ranging from information exchanges on policy, economics, business trends and government regulations to potential joint work on international trade, skills development and other issues.
Timmons said that “this agreement offers a tremendous opportunity for the NAM to deepen our relationship with EEF. As the United Kingdom gears up for Brexit negotiations with the European Union and the United States and United Kingdom lay the groundwork for a potential bilateral free trade agreement, close ties between manufacturers in our two countries are vital.”
Scuoler also commented:
“The ties between the United Kingdom and the United States go back a long way, and we have significant political, economic and trade connections. The United States is a vital market for UK industry and is likely to assume even more importance in the wake of Brexit with the opportunity to widen our trade links across the globe. I am delighted to sign this agreement with our U.S. counterpart, which will hopefully provide mutually beneficial opportunities for manufacturers in both countries.”
The United Kingdom is the United States’ seventh-largest manufacturing goods trading partner, with U.S.-manufactured goods exports to the United Kingdom totaling approximately $48 billion in 2016 and U.S. imports of manufactured goods from the United Kingdom totaling about $46 billion.
The United States and United Kingdom also share a strong investment relationship with cross-border investment in manufacturing totaling more than $230 billion through 2015.
The NAM looks forward to working with EEF to expand further the trade and investment relationship between the United States and the United Kingdom to grow both our economies.