INTERNATIONAL BUSINESS
Great Britain ’ s $ 12 Billion Trade Relationship with New Jersey
How to build on already strong ties and synergies .
By Diane C . Walsh Contributing Editor
The new British Consul General in New York , who also serves as Her Majesty ’ s Trade Commissioner for North America , is eager to strengthen the $ 12 billion , two-way trade relationship her country has with New Jersey .
Emma Wade Smith recently met with Gov . Phil Murphy and was impressed by his pro-business stance . She hopes to entice the governor and his staff to visit the United Kingdom soon . “ He is keen to see how we can build upon the relationship we ’ ve got ,” said Wade Smith .
Many of Britain ’ s most renowned businesses already play a significant role in New Jersey ’ s economy , including these marquee names : HSBC , Barclays , Verizon , BAP Pharma , Archjmedes Pharma , Primark and LK Bennett . In 2018 , Jaguar Land Rover also completed a $ 30 million investment in its U . S . headquarters in Mahwah , where 300 people are employed .
The NJ Economic Development Authority ranks the United Kingdom as the Garden State ’ s 5th largest trading partner . It is the second biggest export market and the sixth-largest supplier of imported goods .
More than 26,000 Brits call the Garden State home and 40,000 jobs in New Jersey are sustained by UK companies and investments . The statistics show how critical the state is to Wade Smith ’ s new responsibilities which extend across New York , Pennsylvania and Fairfield County , Connecticut too .
As counsel general and trade commissioner , her mission is to promote and project the United Kingdom and its economic security . Her focus is on increasing trade and investment with an emphasis on sustainability and climate change issues . Through economic benefits and trade investment , the United Kingdom wants to create prosperity for any many as possible . The philosophy is akin to President Biden ’ s goals in his “ Build Back Better ” campaign .
Wade Smith explained the British describe it as a “ leveling up agenda .” It has never been more important than now to engender prosperity as the world emerges from two darks years of a pandemic and now faces the challenge of inflation , she said .
“ It ’ s the prism through which we are looking at what we are doing , and it drives the way we work and project our values across the United States ,” she said .
Wade Smith was appointed to her new post in November 2021 . She had previously led the United Kingdom ’ s pan-African regional trade investment team as Her Majesty ’ s Trade Commissioner for Africa for six years .
Before focusing on trade and investment , Wade Smith served at the British Embassy in Washington , D . C ., as the UK ’ s Counsellor for Foreign and Security Policy . She was awarded the distinguished title of Officer of the British Empire ( OBE ) by Her Majesty The Queen for her role helping British nationals get to safety from hot spots around the world during her tenure as head of the Government ’ s International Crisis Response Team from 2001 to 2009 .
The new consul general has more than two decades of experience as a diplomat , serving in postings in Mexico and Chile , as well as work in the United Nations in New York and the European Commission in Brussels .
“ It ’ s the prism through which we are looking at what we are doing , and it drives the way we work and project our values across the United States .”
In her assignment as trade commissioner , Wade Smith can drill down in the trade and investment world and determine the best ways to promote companies and effect change in the business environment .
There have been attempts to draft a free trade agreement between the United States and the United Kingdom in the past . Wade Smith said she would like to return to the negotiation table . “ We ’ re keen to do it . It would make a difference to our countries . We ’ re ready to rock and roll as soon as we get a green light ,” she said .
In the absence of a formal agreement , Wade Smith said there is still much that can be done , such as improving procurement and establishing a mutual recognition for professional standards . A new standard would facilitate the use of experts on infrastructure projects and other ventures important to those on both sides of the Atlantic . “ We are exploring ways to unlock
Her Majesty ’ s Trade Commissioner for North America Emma Wade Smith
more potential to build business partnerships ,” the trade commissioner said .
Wade Smith ’ s tenure will also focus on promoting her county ’ s commitment to diversity , equity and inclusion . The consulate previously sponsored a black tech founders trade mission that emphasized balanced access to opportunity and financing . It was such a success that a female founders ’ mission was devised and there are now plans for an LGBTQ program . She well understands New Jersey ’ s shared resolve in these values and wants to involve it in these programs .
Great Britain and New Jersey have many strong , well developed business partnerships , especially in the life sciences industry . Wade Smith wants to expand on these , while nurturing new opportunities in technology , financial services and offshore wind .
New Jersey was nicknamed the nation ’ s “ medicine chest ” because of its high concentration of life sciences companies . Top New Jersey firms , such as Johnson & Johnson , Merck , Bristol Myer Squibb , Becton Dickinson and Quest , have established research and development offices in Great Britain . The state ’ s 3,200 firms and the United Kingdom ’ s 5,600 are engaged in an active exchange of trade and investment .
For example , Wade Smith said 100 top UK companies are developing a “ Digital
Continued On Page 20
June 2022 COMMERCE 19