London, UK - The International Trade Council has lauded the UK’s first trade agreement with an individual US state, Indiana, as a significant move towards post-Brexit progress. The Memorandum of Understanding (MoU) seeks to enhance the £1.1bn ($1.4bn) worth of goods that Indiana already purchases from the UK.
The agreement was signed by UK Trade Minister Ranil Jayawardena and Indiana Governor Eric Holcomb on Friday, May 27. The UK is set to sign trade deals with 20 US states this year, following the collapse of broader talks on a US-wide trade agreement.
The International Trade Secretary Anne-Marie Trevelyan noted that the agreement with Indiana will “help deliver value to UK businesses and support our areas of shared interest, such as levelling up.” Under the MoU, opportunities in areas like advanced manufacturing, pharmaceuticals, and renewable energy will be available to businesses.
According to the UK Department for International Trade, the agreement removes trade barriers and facilitates business investment, exports, and job creation. It also streamlines procurement processes, enables academic collaboration, and ensures mutual recognition of professional qualifications.
Indiana is one of the US’s Midwestern states, with a GDP of approximately $350bn and a large manufacturing industry. The UK was Indiana’s seventh-largest export market in 2019.
The International Trade Council congratulates the UK on this historic trade agreement and looks forward to similar deals that will bolster the £200bn trading relationship with the US.