UK companies export £1.8 billion worth of cyber goods and services to the US
At the end of October 2018, International Trade Secretary Dr Liam Fox hosted a series of events with the intent to strengthen trade ties with the US.
Last month Mr Fox also launched a cyber sub-committee of the Board of Trade, which will encourage UK-US collaboration around tackling increasing online threats, as well as looking at how UK companies in the cyber sector can increase their exports.
UK-US Trade Relationship
The International Trade Secretary aims to secure trading ties between UK and US businesses. When visiting the Royal Navy’s HMS Queen Elizabeth in New York last month, Dr Liam Fox MP, said:
“The United States is one of our closest allies, our largest single bilateral trading partner and we will see that bond continue to strengthen as we leave the European Union.”
The government has revealed that trade between the UK and the US totalled £180.6 billion in the year to June 2018, making the US the UK’s largest single nation trading partner and export market.
In June 2018 Mr Fox said that the UK was ‘well behind’ on cyber security exports. Although 18% of global defence sales stem from the UK, it was estimated that the UK collects less than 2% of the cyber security market share.
The latest meeting led to a discussion that will see Mr Fox sign a new accord with the US government, committing both governments to working with leading businesses to ensure that the UK-US partnership remains at the forefront of global cyber security, defence, and AI.
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