Governor Cox signs trade pacts with UK and France during the European Trade Mission
SALT LAKE CITY (June 22, 2023) — Utah Governor Spencer J. Cox met with UK Commerce Secretary Nigel Huddleston to sign a memorandum of understanding (MOU) to boost trade and investment with the UK.
“We have a great working relationship with the British Consulate in Los Angeles and our counterparts in the UK,” Governor Cox said. « This agreement will lead to a broader exchange of best practices, government-led missions, private sector partnerships, academic cooperation and capital investment, and we look forward to increased collaboration. »
The UK-Utah MOU is the first to prioritize fintech, as well as aerospace, supply chain resilience and life sciences. This MOU is the fifth agreement of its kind between the UK and a US state and marks a milestone in the UK’s trade ties with Utah.
According to the Governor’s Office of Economic Opportunity, more than 10,700 Utah residents are employed in UK branches, and 38,330 Utah jobs are supported by exports to the United Kingdom. In 2022 alone, Utah’s exports to the UK exceeded $7 billion. The UK is Utah’s largest trading partner (in terms of exports from Utah to the UK).
« Our MoU with Utah builds on our existing strong relationship and opens up new opportunities for UK businesses, particularly those in the fintech sector where Britain is a global leader, » said the international trade minister. Nigel Huddleston. « The MoUs we have agreed with the US are already helping UK businesses strengthen their trade ties across the Atlantic. »
The statewide trade pact will strengthen Utah’s trade relationship with the United Kingdom, unlocking opportunities for businesses to export more and encouraging investment opportunities, which in turn will drive economic growth and create jobs.
Earlier in the week, Governor Cox also signed a letter of intent (LOI) with French South Region President Renaud Muselier. The LOI formalizes Utah’s relationship with the Southern Region, an area that shares Utah’s leadership in tourism and innovation. The LOI includes establishing a partnership between a natural park in Utah and a natural park in the South region to exchange best practices in tourism. Both Utah and France also agreed to explore collaboration in new technology, innovation and healthcare.