On Monday 27th January, Colorado followed Texas, Florida, Washington, Utah, Oklahoma, North Carolina, Indiana and South Carolina in signing a Memorandum of Understanding with the UK. The agreement was signed in the state capital of Denver by Jared Polis, the Governor for the State of Colorado and Richard Hyde, His Majesty’s Consul General in Chicago.
Despite not placing any legal obligations upon either party, the agreement intends to:
Enhance trade between the United Kingdom and the State of Colorado by fostering economic development cooperation, strengthening trade relations, promoting innovation, and building business connections.
Establish a forum to identify and resolve current or anticipated barriers to trade, investment, and economic collaboration that both parties have mutually acknowledged.
Strengthen supply chain resilience through increased collaboration.
Expand academic and research partnerships by promoting collaborative projects, student exchanges, and the sharing of research and information.
Support the Colorado for All Framework and the United Kingdom’s regional growth strategies, ensuring that underserved and underrepresented communities in both the United Kingdom and the State of Colorado have access to economic development opportunities through innovation, hub-and-spoke models, and educational partnerships.
Promote economic empowerment and opportunities for historically underrepresented groups, including women and minorities, ensuring no discrimination in the workplace and recognizing the benefits of a diverse workforce.
Champion global decarbonization efforts and the journey towards net zero, including fulfilling domestic commitments and establishing firm plans to phase out unabated coal power by the end of 2030 as part of the Powering Past Coal Alliance, while ensuring a just transition for workers and communities that have depended on fossil fuel economies.
Promote tourism in both markets to stimulate economic growth.
As we continue to watch how UK-US trade develops at federal level, it will be interesting to see how the UK approaches other states, and whether they continue to look at MoUs as a possible solution.
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