United Kingdom (UK)

The United Kingdom (UK) comprises England, Scotland, Wales and Northern Ireland. It is one of the United States’ closest allies, and British foreign policy emphasizes close coordination with the US.

The UK is one of the largest economies in the European Union and is a major international trading power. London ranks with New York as a leading international financial center. The UK is the fourth-largest US market after Canada, Japan, and Mexico.

The United Kingdom (UK), the world’s fourth largest economy, is a trading nation with a generally open market and a "level playing field". While a leading member of the European Union (EU), the UK has not committed to signing up to the European single currency, the Euro, although the current government favors adopting it. The UK attracts U.S. exporters and investors as a place in which to do business because of the common language, a similar legal framework and business practices, and relatively low rates of taxation and inflation. Once here, it is easy for American firms to use the UK as a gateway to the rest of the EU. There are very few sectors in which foreign ownership is limited, and there is no restriction on the repatriation of capital and profit, although there are strict rules on transfer pricing. Within the EU, the British Government supports the rights of any company registered in the UK, irrespective of the nationality of its ultimate parent.

In 2004, Arizona exported over $657 million worth of products to the UK making it Arizona’s fifth largest export market.

Best prospects (by sector) for US exports:

• Aerospace
• Automobiles
• Auto parts and accessories
• Drugs and Pharmaceuticals
• Medical Equipment
• Apparel
• Computer software and services
• Travel and tourism

A full copy of the Country Commercial Guide to the United Kingdom can be obtained through the Market Research resource at: http://www.export.gov