The UK marks a milestone in trade relations with the US by signing its first state-level Memorandum of Understanding (MoU) with Indiana
The UK today (May 27 2022) marks a milestone in trade relations with the US by signing its first state-level trade and economic development Memorandum of Understanding (MoU) with Indiana.
The MoU creates a framework to remove barriers to trade and investment, paving the way for UK and Indianan businesses to invest, export, expand and create jobs.
Indiana is an entrepreneurial powerhouse, offering UK firms significant opportunities in areas like renewable energy, advanced manufacturing and pharmaceuticals.
The UK is the seventh largest export market for Indiana, and the state buys $1.4 billion worth of goods from the UK. This agreement will act as a springboard to grow this even further.
In Indiana, International Trade Minister Ranil Jayawardena said:
Secretary of State for International Trade Anne-Marie Trevelyan said:
The agreement will look to improve procurement processes and strengthen academic and research ties, enabling academics and businesses to collaborate more easily.
It aims to support our talented professionals with provisions on diversity aligning with our levelling up agenda to ensure economic growth benefits all communities across the country.
It aims to help talented people from the UK and US to cross the pond for work by paving the way for their professional qualifications to be recognised on both sides.
Minister of State for International Trade Penny Mordaunt said:
Green trade will be at the heart of talks as both sides look to accelerate clean tech development, with a particular focus on electric cars and low emissions technology solutions.
This agreement is just the beginning of our state-level programme as Minister Mordaunt continues to engage with other US states. The UK hopes to sign more MoUs this year.
Dave Lawler, Chairman and President, bp America, said:
Duncan Edwards, Chief Executive Officer, BritishAmerican Business, said: