On June 22, government officials from the United Kingdom and Utah signed a Memorandum of Understanding (MoU) to open up cooperation and favorable trade policies between the two jurisdictions. Specifically, the MoU seeks to promote investment and trade in eight sectors seen as strong areas of connection.

The MoU aims to bolster the areas of fintech, aerospace, health care, health tech, supply chain resilience, academic cooperation, conservation, women’s economic empowerment and workforce development with a focus on high-wage jobs. Utah is the fifth state to enter into an agreement like this with the U.K. government.

“Really, the purpose of the MoU is to create cooperative relationships with key partners,” says Ryan Starks, executive director of the Utah Governor’s Office of Economic Opportunity. “We don’t believe in doing MoUs with any foreign country just for the sake of doing an MoU.”

His office, along with other business leaders from the Beehive State, conducted a trade mission to the U.K. in June of this year with the intention of formalizing an agreement. The group visited the Paris Air Show beforehand and used the trip to build connections with the U.K.

“Just based on the data alone, we recognized that we have some great opportunities to partner in a more formal capacity,” Starks says.

Franz Kolb, the director of international trade, diplomacy and protocol in the Utah Governor’s Office of Economic Opportunity, says the relationship between the U.K. and Utah goes a long way back.

“I remember Margaret Thatcher coming to Utah some years ago,” Kolb says. “The United Kingdom is really one of the largest investors that we have here in this state. And so there was a lot of hard work that went into formalizing this relationship with the United Kingdom.”

He points out that there have been visits by ambassadors, consuls general and industry leaders that helped solidify the connection over the years.

“Businesses in priority sectors could stand to benefit from direct-trade initiatives emanating from the U.K. government or state governments, such as trade missions and dedicated events,” says Paul McIntosh, CEO of the U.K.-focused business development firm Bridgehead Agency. “If your business operates in one of these priority sectors or trades with the U.S. more broadly, you may wish to consider how your organization is tracking developments like the MoU program and whether you are engaging with emerging policy at the earliest opportunity.”

For McIntosh, working in the go-to-market sector means his organization has to stay on top of critical developments between both regions. He says the focus on technology and innovation is a recognition of shared interests between the two places.

“Both the U.K. and Utah boast vibrant tech ecosystems,” McIntosh says. “The agreement opens avenues for joint ventures, startup exchanges and the transfer of cutting-edge technologies by fostering collaboration in research, knowledge exchange and innovation-driven projects.”