UK strengthens ties with state of Indiana

The UK has boosted trade relations with the US by signing its first state-level trade and economic development Memorandum of Understanding (MoU) with Indiana.

The government says the MoU will create 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 offers 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.

International Trade Minister Ranil Jayawardena said: “It 's been fantastic to see the depth and breadth of interest from Indiana industry in trading with the United Kingdom.

“With the signing of this MoU, British businesses can capitalise on the great opportunities for collaboration in areas like innovation and manufacturing. ”

The agreement has been welcomed by the Greater Birmingham Transatlantic Chamber of Commerce.

James Tait, Transatlantic Chamber president and partner at law firm Browne Jacobson, said: “After the uncertainty of the transatlantic trade in the face of Brexit, Covid and now the war in Ukraine, there has been a very positive development with the signing of the first state-level Memorandum of Understanding between the UK and the state of Indiana.

“There has been much talk of trade agreements since Brexit, and this is a really positive start in what will hopefully lead to a number of state level agreements.

“Such agreements seek to take away the barriers to trade and investment and in this instance, there should be very positive steps to assist the UK to development more meaningful avenues for bi-lateral investment and export between the UK and Indiana.

“Notably, the UK is the seventh largest export market for Indiana with the state buying $1.4 billion worth of goods from the UK. ”