The UK has signed a new memorandum of understanding (MoU) designed to grow trade with Utah, a US state with a GDP of £201 billion in 2022—equivalent to the economy of New Zealand. The pact aims to strengthen UK’s trading relationship with Utah, establishing a framework to unlock export opportunities for UK businesses, encourage investment, and create jobs in the UK, contributing to the government’s priority to grow the economy.

The pact, which was signed by international trade minister Nigel Huddleston and Utah governor Spencer Cox, is the fifth arrangement of its kind between the UK and a US state and signifies a milestone in the UK’s trade ties with Utah.

The UK already has MoUs in place with Indiana, North Carolina, South Carolina, and Oklahoma, through which the UK is helping companies meet new commercial partners to develop their businesses. The country is also actively engaging with states including Texas, California, Colorado, and Florida to strengthen trade ties, the UK government said in a press release.

UK companies already employ over 10,000 people in Utah and exported £219 million in goods last year, with the MoU seeking to boost this further. Utah exported £5.7 billion worth of goods to the UK in 2022, making it Utah’s top international goods export market. Exports to the UK supported over 38,000 jobs in the state in 2019.

The pact further enables collaboration on supply chain resilience, including critical minerals, capturing Utah’s position as a major source of critical minerals for the US market and supporting the UK’s critical minerals strategy.

International trade minister Nigel Huddleston said: “Our MoU with Utah builds on our existing strong relationship by helping us unlock new opportunities for British businesses, particularly those in the fintech sector in which Britain is a global leader.

“The deals we have agreed with US states are already supporting UK businesses to grow their commercial links across the Atlantic. I am delighted to welcome the delegation from North Carolina to the UK this week, as businesses seek to reap the rewards from our pacts and deepen economic ties.”

“We have an excellent working relationship with the British Consulate in Los Angeles and our counterparts in the UK. This agreement will lead to more exchange of best practices, government-led missions, private-sector partnerships, academic cooperation and capital investment, and we look forward to the increased collaboration,” said Utah governor Spencer Cox.

Fibre2Fashion News Desk (DP)

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