Indiana signed a memorandum of understanding on trade with the United Kingdom Friday. Under the MOU, the state and the UK will establish a working group to help increase foreign investment and identify and address trade barriers, according to the Indiana Economic Development Corporation.

According to the IEDC, the state already “hosts nearly 100 UK-owned operations.”  Under the MOU, the two countries will focus their cooperation across multiple sectors, specifically “advanced manufacturing and materials; aerospace and aviation; life sciences; agriculture and agriscience; automotive, including electric, connected and automated mobility; low-emissions technology and solutions; energy and infrastructure.”

The IEDC said the MOU is not legally binding, but under it, Indiana agrees to treat UK suppliers the same as it does those from U.S. states not on Indiana’s borders. Also, the parties commit to inviting academic and private sector stakeholders to collaborate on innovation with the working group.

The BBC reports the MOU is “no substitute for a US-UK trade deal,” but it will boost the $1.4 billion worth of goods Indiana already buys from the UK. The media organization also reports the UK is looking to create similar agreements with more U.S. states.

The MOU signing was part of an inaugural Indiana Global Economic Summit held May 26-29 in Indianapolis. Gov. Eric Holcomb stated with the event Indiana was “marking its place on the global stage” and “our state’s economic development strategy is paying big dividends…”
Representatives from 30 countries attended the event organized by the Indiana Economic Development Corporation.