US-UK Forge ‘Atlantic Declaration’ to Boost Ties
On Thursday, US President Joe Biden and UK Prime Minister Rishi Sunak reached an agreement known as the “Atlantic Declaration” to strengthen economic ties between their countries. This move signals a shift away from globalization and a joint effort to reduce China’s influence in supply chains.
The Atlantic Declaration focuses on increasing US-UK trade in sectors such as defense, nuclear materials, and critical minerals used in electric-car batteries. Biden aims to foster “economic security” among Western allies through these initiatives.
The agreement reflects the improving bilateral relations between the US and the UK, as evidenced by Biden’s upcoming visit to the UK in July. He has accepted an invitation from King Charles and will travel to the UK as part of his trip to the Nato summit in Vilnius, Lithuania. This visit further strengthens the cooperation and partnership between the two countries.
About the Atlantic Declaration
- The signing of the “Atlantic Declaration” between US President Joe Biden and UK Prime Minister Rishi Sunak signifies their commitment to developing a new green economy through extensive industrial subsidies instead of pursuing a post-Brexit free-trade agreement.
- The focus of the declaration is to foster collaboration between industries in the defense and renewable energy sectors as a response to the increasing competition from China.
- The declaration acknowledges the challenges posed by authoritarian states, disruptive technologies, non-state actors, and global issues like climate change.
- Both leaders recognize the strength of the transatlantic relationship and emphasize the importance of adapting to the evolving world economy driven by artificial intelligence and technological advancements.
- The goal is to leverage these advancements to promote sustainable and innovative approaches in various industries.
Key Points of the Atlantic Declaration
Under the Atlantic Declaration, the US and the UK have outlined several key areas of cooperation to strengthen their supply chains, foster technological advancements, and promote clean energy. The highlights of the declaration include:
- Supply Chain Strengthening: Both countries will work to strengthen their supply chains, invest in each other’s industries, and collaborate on developing future technologies, enhancing resilience and security.
- Clean Energy Partnership: A civil nuclear partnership will be launched to promote cooperation in clean energy, reducing reliance on Russian fuel and advancing sustainable energy solutions.
- Technology and Critical Minerals: Collaboration will be fostered in the safe development of AI technology, including the negotiation of a critical minerals agreement to ensure access to essential minerals for various industries. Cooperation in telecom technology and quantum technologies is also emphasized.
- UK-US “Data Bridge”: The declaration includes a commitment in principle to establish a UK-US “data bridge” that facilitates the transfer of data between businesses in both countries, aiming to streamline data sharing without unnecessary bureaucracy.
- Critical Minerals Agreement: Negotiations will take place to enable certain UK firms to access tax credits available under the US Inflation Reduction Act, promoting the secure supply of critical minerals.
- Business Collaboration: Cooperation will extend to telecom technology, including 5G and 6G, as well as quantum technologies, encouraging collaboration and innovation between businesses in the United States and the United Kingdom.
These initiatives reflect the commitment of both countries to strengthen economic ties, promote technological advancements, and address shared challenges in a rapidly evolving global landscape.
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