New UK International Trade Secretary Visits Los Angeles
The British American Business Council Los Angeles hosted UK Secretary of State for International Trade Dr. Liam Fox at a reception last week where he discussed his vision for Britain post-Brexit.
Fox spoke about the implications of Brexit and discussed a number of issues including the continued commitment of the UK to strengthen its trade ties with the United States, and the need for countries to focus on wealth creation, not just growth, and supporting innovation.
“Britain is open for business, and will continue to support free trade,” said Fox. “The UK and the U.S. are each other’s largest investor and foreign job creator. And here in Southern California, the UK is the second largest global investor, with UK companies employing over 20,300 people.”
Fox earlier served as Secretary of State for Defense in the cabinet of Prime Minister David Cameron from May 2010 to October 2011. He also previously served as chair of the Conservative Party and was a prominent spokesperson for the Leave campaign.
U.S. pharmaceuticals firm GlaxoSmithKline recently announced plans to invest $364 million to expand its UK manufacturing sites, saying the country remains “an attractive location,” despite Brexit.
Fox also announced three new British government offices in the U.S., one of which will open in San Diego. Fox noted that “given San Diego’s importance as a hub of research, life sciences, military and other key industries, it makes sense for the UK to strengthen our ties and work even more closely on trade and investment opportunities.”
The UK Department for International Trade is responsible for promoting British trade across the world and is responsible for developing, coordinating and delivering a new trade and investment policy to promote UK business across the globe; developing and negotiating free trade agreements and market access deals; negotiating plurilateral trade deals (focused on specific sectors or products); and providing operational support for exports and facilitating inward and outward investment.