HC Deb 17 September 2004 vol 424 cc1791-2W
Keith Vaz

To ask the Chancellor of the Exchequer what measures the Government is taking to deepen its cooperation with the US on trade and investment. [189573]

Mr. Timms

The US is our biggest single export market. UK trade with the US is worth around £50 billion (taking exports of goods and services together). In 2003–04 the US was by far the largest investing country in the UK with 314 projects creating 10,668 jobs. The Government in the form of UK Trade and Investment in London and the US, and funding for Regional Development Agencies, is committed to maintaining the UK as the primary destination for US inward investment in Europe.

The Government is also actively engaged with the Commission, other Member States and stakeholders such as the Transatlantic Business Dialogue to encourage increased economic cooperation between the ED and the US. The Government welcomes the call at the June 2004 EU-US Summit for stakeholder consultation leading to a new forward-looking strategy to break down remaining barriers to closer cooperation and will participate fully in this process.