Memorandum of Understanding on Economic Cooperation and Trade Relations between this State and the United Kingdom

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Summary

This Memorandum of Understanding (“MOU”) is made by and between the Government of the United Kingdom of Great Britain and Northern Ireland (“the United Kingdom”) and this state (“this state”), (collectively, the “Participants” and each a “Participant”) in order to facilitate a robust and healthy partnership in international trade.

Memorandum of Understanding on Economic Cooperation and Trade Relations between this State and the United Kingdom

WHEREAS, the United Kingdom and this state maintain strong historic, cultural and commercial links;

WHEREAS, the Participants recognize the overall importance of the economic relationship between the United States of America and the Participants, and the relationship between the United Kingdom and this state;

WHEREAS, the Participants aim to promote and foster sustainable growth, support innovation, and protect the quality of the environment;

WHEREAS, the Participants recognize that research, technology, entrepreneurship and innovation are fundamental to economic growth and prosperity and that to succeed in the global innovation economy there is a need to strengthen their respective abilities to accelerate the commercialization of innovations to accelerate growth of domestic firms, and recognize the mutually enabling relationship between innovation and trade; and

THEREFORE, the Participants, in the spirit of promoting closer relationships, intend to further support and work co-operatively within the boundaries of existing laws and treaties in their respective jurisdictions on goals and issues as set forth below.

Section 1: objectives

Through this MOU, the United Kingdom and this state intend to:

(1) Increase trade between the United Kingdom and this state through deepening economic development cooperation and trade relations.

(2) Create a forum to identify and address existing or anticipated barriers to trade, investment and economic co-operation and development.

(3) Foster innovation, strengthen business links, support women’s economic empowerment, and encourage investment and the creation of high-quality jobs across all regions of both the United Kingdom and this state.

(4) Improve supply chain resilience through increased co-operation and support the growth of both this state and the United Kingdom’s critical mineral sectors through information sharing, increased business links, and R&D partnerships.

(5) Grow academic and research ties through promoting collaborative projects, research and information exchange.

(6) Support sustainable economic growth (for example, through improved infrastructure, affordable housing, optimizing education and industry partnerships, and protecting the quality of the environment).

Section 2: priority areas for focus and co-operation

(1) In furtherance of the principle of mutual benefit, the Participants intend to prioritize the following areas for focus and co-operation (the “Priority Areas”) which include but are not limited to:

(a) aerospace

(b) healthcare and life sciences including health tech

(c) fintech

(d) supply chain resilience including critical minerals

(e) workforce development including supporting the workforce to meet the needs of high demand, high-wage jobs created by innovation across all sectors, and the creation and preservation of high-quality jobs

(f) academic co-operation

(g) environmental quality, including conservation and safeguarding the areas of land, air, and water, to maintain natural resources, and guard against pollution

women’s economic empowerment

(2) In addition the Participants:

(a) will explore opportunities to increase participation by private companies in the procurement markets funded by the Government of the United Kingdom and this state

(b) intend to consider and, as appropriate, pursue solutions to specific market access barriers to trade between the United Kingdom and this state. This may include supporting regulators and professional bodies interested in pursuing recognition arrangements for professional qualifications

Section 3: activities and initiatives

(1) To achieve the goals described in Section 2 of this MOU, the Participants may carry out the following activities and initiatives:

(a) Best practice exchange – share information and best practices in areas such as policy and programme design and implementation, capacity-building, and development of expertise to foster growth and innovation across all sectors

(b) Government missions – conduct virtual and in-person missions with the Participants’ respective government officials to deepen coordination on policy and market development and identify opportunities for or barriers to further collaboration and trade

(c) Private-sector partnership development – facilitate introductions and partnerships among private sector companies, including small and medium-sized enterprises (SMEs) and women owned businesses. This may be delivered through meetings, worker exchange programs, and or regional arrangements

(d) Academic cooperation – connect researchers, students, and thought leaders for information sharing, collaborations, and other types of co-operation whilst simultaneously ensuring that any collaboration should conform to proportionate standards of research security and integrity

(e) Joint projects and events – collaborate on joint events such as symposia, seminars, workshops, exhibitions, and trainings

(f) Capital investment – facilitate introductions and explore opportunities for public and private sector institutions to invest capital, whether direct or via third party funds, in areas including but not limited to renewable energy, life sciences, aerospace and fintech

Section 4: implementation and working group

(1) In addition to the activities and initiatives set out in Section 3 of this MOU, the Participants will, on a regular basis, inform and consult with one another on matters of common interest that represent opportunities for mutual benefit and are consistent with this MOU.

(2) The Participants will meet periodically in the form of a working group to coordinate the implementation of the MOU (“the Working Group”). Activities of the Working Group may include:

(a) identifying, and, where appropriate, addressing barriers to trade and investment

(b) consideration of matters relating to the interaction between innovation and trade, including responses to potential disruptions to trade, and regulatory approaches that facilitate innovation

(c) exchange of best practice and information relevant to the Priority Areas outlined in Section 2 of this MOU

(d) where appropriate, facilitating participation of stakeholders in the private sector and academic community to discuss matters pertinent to the MOU

(e) reviewing the operation of the MOU to ensure it is continuously up-to-date and relevant for the growing relationship between the UK and this state

(f) carrying out any other mutually acceptable forms of co-operation that contribute to the goals of this MOU including facilitating introductions for relevant public and private sector institutions to explore investment opportunities.

(3) The United Kingdom may also raise issues of opportunity and mutual interest relating to territories for whose international relations the United Kingdom is responsible, where appropriate, name the Bailiwicks of Guernsey and Jersey, the Isle of Man, and the Overseas Territories.

(4) The Participants designate the following coordinating authorities to oversee all interactions related to this MOU and its implementation:

(a) For this state: the Governor’s Office of Economic Opportunity or other relevant office as the coordinating authority for all state agency interactions related to this MOU.

(b) For the United Kingdom: the Department for Business and Trade and the British Consulate General in the location that is responsible for fostering ties with this state.

(5) The above designees will also be tasked with identifying participants for the Working Group.

Section 5: third party participation

(1) The Participants acknowledge that individuals and entities from the private, public, academic, research, and other sectors may be invited to participate in the co-operative activities and initiatives described herein, provided that such individuals and/or entities can directly and meaningfully contribute to the achievements of the objectives of the MOU.

(2) Subject to each Participant’s absolute discretion, this third-party participation in the activities and initiatives under this MOU may include, but is not limited to, the involvement of research institutions, economic development organizations, regional or local levels of government, non-governmental and advisory bodies, private enterprise, trade associations, and/or public-private partnerships.

(3) The Participants acknowledge that participation in the activities and initiatives under this MOU by third parties will be subject to the Information Sharing and Confidentiality provisions at Section 6 of this MOU.

Section 6: information sharing and confidentiality

(1) The Participants recognize that to facilitate the objectives of this MOU, information may pass between them. The sharing of information under this MOU is subject to the following provisions:

(a) Subject to Section 6.i.c. below, the Participants may only use the information for purposes which further the objectives of this MOU.

(b) Subject to Section 6.i.c. below, the Participants may only disclose any part of the information to a third party if the Participant wishing to disclose the information seeks and obtains prior written consent from the other Participant.

(c) In circumstances where either Participant is legally obliged to disclose any shared information or information related to this MOU under applicable laws, by court order, or for another reason, it will inform the other Participant before doing so.

Section 7: intellectual property

(1) The Participants acknowledge that any intellectual property brought by one Participant for the implementation of this MOU will remain the property of that Participant.

(2) In the event that any intellectual property rights should arise from activity undertaken in accordance with this MOU, the Participants understand it will be attributed and protected in accordance with the Participants’ respective state and national laws, and it will be subject to separate and specific arrangements concluded between the Participants in relation to the specific activity.

Section 8: Funding

The Participants understand that this MOU does not commit either Participant to financially support any activity carried out under its provisions.

Section 9: interpretation and application of this MOU

The Participants are committed to acting in good faith. Any disagreements between the Participants about the interpretation or application of this MOU will only be settled by consultation and negotiation between the Participants and not referred to any third party, court, or tribunal.

Section 10: entry into operation amendment and termination

(1) This MOU will come into operation on the date of the later of the Participants’ signatures and will continue to have effect until it is terminated or renewed.

(2) The Participants may amend this MOU at any time upon their mutual written consent.

(3) Either Participant may terminate this MOU by providing 45 days’ written notice of its withdrawal to the other Participant.

Section 11: status of this MOU

(1) This MOU is not legally binding under state, national or any other applicable law, including international law, and does not create any legal obligation to undertake or to financially support any activity.

(2) The Participants confirm that all actions they undertake under this MOU will be subject as appropriate to applicable laws, rules, and obligations.

(3) This MOU does not affect the rights of and obligations of third parties or the rights of the Participants to conclude or enter into arrangements or agreements with respect to any matter described in this MOU.

The foregoing record represents the understandings reached between the Government of the United Kingdom of Great Britain and Northern Ireland and this state in the United States of America upon the matters referred to therein.