Scottish Chambers of Commerce (SCC) and its Greater New York counterpart are forging closer relations in a move seen as helping to keep trading opportunities open in the face of new global tariffs.

The two organisations have secured a landmark Memorandum of Understanding (MoU) during a trade mission to New York as part of the Tartan Week celebrations.

It comes at a difficult, or perhaps opportune, time for the annual event which culminates in a parade through Manhattan.

The signing of the agreement to promote trade missions, networking opportunities and knowledge exchange, will be seen as a tangible gain amid growing concerns over the imposition of US tariffs.

The US is the largest inward investor into Scotland with 700 US-owned companies across IT, renewables, financial services and other sectors, employing 115,000 people. It is the second largest export market for Scotland after the European Union, accounting for £4 billion of goods.

As such there is a lot at stake. Charandeep Singh, deputy chief executive of the Scottish Chambers of Commerce, said: “This MoU is a powerful statement of our commitment to strengthening business links.

“We are creating a bridge for Scottish businesses to access one of the world’s most dynamic markets while welcoming American businesses to explore opportunities in Scotland.”

Mark Jaffe, president & CEO of the Greater New York Chamber of Commerce, emphasised the benefits of stronger chamber-to-chamber cooperation.

“New York and Scotland are natural business partners, sharing a spirit of entrepreneurship, innovation, and global ambition,” he said.

First Minister John Swinney described the agreement as “a significant achievement that will bring Scottish and US businesses closer together and boost transatlantic trade between our two nations.”

Mr Swinney will arrive in New York around lunchtime on Friday, and undertake a number of engagements over the weekend.

He will meet senior investors including Quantum Capital to discuss renewable energy investment opportunities in Scotland, and games firm Halon, following its announcement of a £28 million Glasgow studio creating 250 jobs.

The First Minister will host an event with senior executives from financial services companies, together with the Lord Mayor of London, Alastair King who will also meet Scottish Secretary Ian Murray along with Scottish Financial Enterprise chief executive Sandy Begbie to promote a Scottish Investor Summit taking place in London in October.

In a co-ordinated effort aimed at boosting growth in Scotland they will invite companies to attend the summit being organised by Scottish Financial Enterprise and The City of London Corporation.

Scotland’s politicians are well-represented, with Scottish Secretary Ian Murray and Scottish Labour leader Anas Sarwar among those hosting and joining meetings in New York and Washington DC.

See also: Starmer to ease pressure on industry as tariffs bite