Florida Inks UK Trade Agreement as DeSantis Touts State’s Economic Success
JACKSONVILLE, FLORIDA — Florida’s economy could get a boost from across the pond thanks to a new trade deal with the United Kingdom.
On Tuesday, Governor Ron DeSantis signed a Memorandum of Understanding (MOU) to work with the UK to expand business opportunities. Kemi Badenoch, UK Secretary of State for Business and Trade, joined the governor at a press conference in Jacksonville for the announcement. The agreement is the fruit of DeSantis’ international tour in April, which included a stop in London.
“Florida is the national leader for business growth and economic development, and today’s MOU signing will continue to ensure our state remains the model for American excellence,” DeSantis said. “I am honored to stand today with MP Badenoch to strengthen the economic partnership between our state and the United Kingdom.”
WHAT CAN FLORIDA EXPECT FROM THE UK PARTNERSHIP?
The MOU aims to increase trade between Florida and the United Kingdom by increasing bilateral investment, creating a forum to address possible barriers to trade, fostering innovation, strengthening business links and growing academic and research ties.
Priority areas for Florida-UK cooperation include:
- Space
- Fintech, including reinsurance
- Medical Technology
- Supply Chains and Logistics
- Transportation
- Infrastructure, including cybersecurity
- Legal Services and Law Tech
- Agricultural Biotechnology
- Emerging areas such as semiconductors and photonics
ECONOMIC STRATEGY ON DISPLAY
The significant new partnership offers a glimpse into what DeSantis’ economic and foreign policy positions may look like if he makes it to the White House in 2024. April’s tour – which stopped in Tokyo, Seoul, Jerusalem and London – gave the governor a chance to polish his foreign policy skills ahead of his presidential run.
The UK is the top foreign investor in the Sunshine State, accounting for more than 70,000 jobs. Additionally, Florida is one of the top American states for British businesses and tourists, according to the governor’s office, which noted that the Sunshine State supplies a wide range of aviation and aerospace products to the British Isles and the Commonwealth.
“Florida is a major economy in its own right, with a bigger GDP than most European countries,” Badenoch said at Tuesday’s press conference. “From launching satellites to developing the latest fintech software, Florida’s leading high-tech companies offer huge opportunities to the UK’s rapidly expanding tech sector.”
As the 14th largest economy in the world, DeSantis has touted the increasingly stable financial growth in the state, despite economic turmoil across the nation and around the world. With the highest net migration rate, more Americans flocked to Florida in 2022 than any other state in the union.
“By keeping Florida free and open, we have created a positive economic environment and invested in our state’s workforce and communities,” Governor DeSantis said when Lightcast released its 2022 Talent Attraction Scorecard. “As a result, Florida is leading the nation in net migration and talent attraction. As other states continue to struggle at the hands of poor leadership, people and businesses are flocking to Florida.”
FLORIDA’S “TEFLON” ECONOMY
In a recent Florida forecast, economist Sean Snaith predicts a national slowing by the end of 2023 and through the start of 2024. But Snaith says the impact of a national economic slowdown won’t stick to Florida as it has in past recessions.
“Florida’s economy today is more like Teflon,” Snaith said.”A lot of the effects of a national slowdown will just slide right off.”
“A recession is never good news,” Snaith, a professor at the University of Central Florida, added. “But any pain we endure will be far less severe and won’t linger as long.”
Contrasting Florida’s economy with the federal government, DeSantis emphasized the state’s business-friendly climate of low taxes, no state income tax and the second-lowest per capita tax burden in the entire country.
“We have paid off almost 75 percent of our state debt just since I’ve been governor in 2019,” DeSantis said, noting that Florida’s GDP is $1.2 trillion and the state owes close to $16 billion in debt.
“If the federal government were able to have its debt be a fraction of its GDP we’d be in much better shape there, I can tell you that,” DeSantis added.
READ MORE: DeSantis Reveals “Declaration of Economic Independence” – How Will It Impact Americans?