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(INDIANAPOLIS) – Indiana has signed a trade deal with the United Kingdom.

The memorandum of understanding aims to streamline business relationships between Indiana and Britain. It clears a path for collaboration with university researchers, sets a goal of simplifying procurement processes, and cuts through red tape in getting professional credentials for Hoosiers doing work in the UK and vice versa.

Governor Holcomb says while the deal tears down some bureaucratic barriers, the real value is in what he calls a “to-do list” of industry sectors where Hoosier and British companies can work together, including renewable energy, automotive technology and life sciences. He says it’ll give those efforts greater focus.

Holcomb reached agreement with British officials during a UK trade visit last month, and hosted a signing ceremony on Friday at the Global Economic Summit in Indianapolis.

International Trade Minister Ranil Jayawardena says the UK is working on a broader trade deal with the US, but says there’s no need to wait on that agreement to eliminate obstacles to business ties with Indiana.

It’s the UK’s first such agreement with an individual state, but Jayawardena says the plan is to make it a template for more.