- Indiana deal marks milestone in UK trade with US
- This will help open the door for companies looking to export or invest in the U.S. state and increase collaboration on clean technologies to fuel sustainable economic growth.
- Shows UK’s ‘state-level strategy’ is delivering results – with more deals on the way
The United Kingdom today (May 27, 2022) marks a milestone in trade relations with the United States by signing its first State-level Trade and Economic Development Memorandum of Understanding with Indiana.
The MoU creates a framework to remove barriers to trade and investment, paving the way for British and Indian businesses to invest, export, grow and create jobs.
Indiana is an entrepreneurial powerhouse, providing British companies with significant opportunities in areas such as renewable energy, advanced manufacturing and pharmaceuticals.
The United Kingdom is Indiana’s seventh-largest export market and the state purchases $1.4 billion worth of goods from the United Kingdom. This agreement will serve as a springboard to develop it even further.
In Indiana, International Trade Minister Ranil Jayawardena said:
It’s fantastic to see the depth and breadth of Indiana industry interest in doing business with the UK.
With the signing of this MoU, UK businesses can capitalize on great opportunities for collaboration in areas such as innovation and manufacturing.
Secretary of State for International Trade Anne-Marie Trevelyan said:
Our ambitious agreement with Indiana will help create value for UK businesses and support our areas of common interest, such as upgrading.
It’s Global Britain in action, making innovative deals on the world stage – and will help UK businesses grow faster, innovate more and support jobs and economic growth.
The agreement will aim to improve procurement processes and strengthen academic and research ties, making it easier for academics and businesses to collaborate.
It aims to support our talented professionals with diversity provisions aligned with our upskilling program to ensure that economic growth benefits all communities across the country.
It aims to help talented people from the UK and US cross the pond to work by paving the way for their professional qualifications to be recognized on both sides.
Minister of State for International Trade Penny Mordaunt said:
Our first such agreement at state level is a major milestone for UK-US trade relations and I am very pleased for UK businesses, which can now begin to reap the benefits of links closer to Indiana.
Our strategy at state level is bearing fruit and this is just the first of many agreements we will sign in the future as we seek to strengthen our £200 billion trade relationship with the United States.
Green trade will be at the heart of the talks as both sides seek to accelerate the development of clean technologies, with a particular focus on electric cars and low-emission technology solutions.
This agreement is just the beginning of our program at the state level as Minister Mordaunt continues to engage with other US states. The UK hopes to sign more MoUs this year.
Dave Lawler, chairman and president of bp America, said:
bp is delighted to see the strengthening of relations between the UK and Indiana – two places we call home. Today’s agreement signals continued momentum to support the long-term competitiveness and decarbonization of the industrial sector in the US Midwest.
We look forward to serving as a partner for growth as both regions pursue their respective low-carbon journeys.
Duncan Edwards, Managing Director of British American Business, said:
BritishAmerican Business and our network of Chapters and Members congratulate the UK Government and the State of Indiana on signing a new Memorandum of Understanding that will encourage economic development and investment between the State and the UK. United.
There is great opportunity here for companies in both markets, especially in the industries of the future, and initiatives like this MoU will help.