Trade Minister Nigel Huddleston (left) and Gov. Spencer Cox display the Utah-U.K. trade memorandum reached on June 22 in London. Cox was on a five-day trade mission to Europe that took him to France and the United Kingdom.
SALT LAKE CITY – During a five-day trip to Europe on June 19 to 23, Gov. Spencer Cox entered into trade pacts with officials in the United Kingdom and France.
Members of Cox’s staff in Utah say that the state-level trade agreement with the U.K. — signed by Cox and Trade Minister Nigel Huddleston on June 22 — will strengthen Utah’s trading relationship with the U.K. by unlocking opportunities for businesses to export more and encourage new investment opportunities.
Those opportunities are expected to drive Utah’s economic growth and create jobs, they said.
“We have an excellent working relationship with the British Consulate in Los Angeles and our counterparts in the U.K.,” Cox explained after signing the memorandum of understanding with Huddleston.
“This agreement will lead to a broader exchange of best practices, government-led missions, private-sector partnerships, academic cooperation and capital investment. We look forward to that increased collaboration.”
The memorandum is the fifth such arrangement between the U.K and a U.S. state. It also marks a milestone in trade ties with Utah because it prioritizes fintech as well as aerospace, supply chain resilience and life sciences.
Financial technology – often referred to as “fintech” — is a new technology to improve and automate the delivery and use of financial services.
Fintech is utilized to help companies, business owners and consumers better manage financial operation and processes by using specialized software and algorithms on computers and smartphones.
Fintech also includes the development and use of cryptocurrencies, such as Bitcoin. While that segment of fintech may see the most headlines, the big money still lies in the traditional global banking industry and its multi-trillion dollar market capitalization.
According to the Governor’s Office of Economic Opportunity here, more than 10,700 Utahns are employed by U.K. subsidiaries and 38,330 Utah jobs are supported by exports to the United Kingdom.
In 2022 alone, Utah exports to the U.K. exceeded $7 billion. The U.K. is Utah’s largest trading partner in terms of exports from Utah to the United Kingdom.
“Our memorandum of understanding with Utah builds on our existing strong relationship and unlocks new opportunities for British businesses,” according to Huddleston. “That’s particularly true in the fintech sector, in which Britain is a global leader.
“The MOUs we have signed with U.S. states are already helping U.K. businesses grow their commercial links across the Atlantic.”
Earlier that week, Cox also signed a Letter of Intent with President Renaud Muselier of France’s Region Sud.
That trade pact formalizes Utah’s relationship with Region Sud, an area that shares Utah’s leadership in tourism and innovation.
Region Sud is one of France’s 18 administrative regions, located in the far southeast corner of the county, including the French Riviera and the city of Marseille.
The agreement signed by Cox establishes a partnership between a natural park in Utah and a natural park in Region Sud to exchange best practices in tourism.
Both Utah and France also agreed to explore collaboration in new technologies, innovation and health care.
Cox’s trade mission to Europe took him to Paris on June 19 and 20, for its world famous air show, and then to London on June 21 to 23.