Washington, 9 June 2023 (TDI): President Joe Biden and United Prime Minister Rishi Sunak signed an innovative economic partnership. The United pair unveiled the agreement,“ The Atlantic Declaration,” set to revolutionise the economic ties between the two countries.
The U.S.-U.K. partnership is strong. pic.twitter.com/mAVLFWQWKx
— President Biden (@POTUS) June 9, 2023
Under this partnership, the alliance will consider various factors in the economic sphere. The commitments also include technological relations, commercial pacts and closer defence industries.
In addition, the Atlantic Declaration will constitute a data protection deal and cooperation on Artificial Intelligence.
There’s no issue of global consequence where the United States and the United Kingdom aren’t in concert.
Mr. Prime Minister, our nations are stronger because of our common vision and shared values. I look forward to many more years of close cooperation. pic.twitter.com/c8msYGlCiA
— President Biden (@POTUS) June 8, 2023
Prime Minister Rishi Sunak said, “One thing I’m confident won’t change is the strength of our partnership, our friendship, and we will put our values front and center, as we’ve always done, to deliver for the British and American people.”
The 21st-century U.S.-UK Economic Partnership opens the doors of opportunity at the highest level ever established between the UK and another country. US-UK alliance and the mutual leadership shares the belief that both nations are like-minded.
🇬🇧🤝🇺🇸
PM @RishiSunak and @POTUS have agreed an unprecedented economic partnership, which sees us working together more closely than ever before on:
🚛 Combatting threats to our supply chains
🧬 Harnessing the technologies of the future
📈 Growing our economies👇
— UK Prime Minister (@10DowningStreet) June 8, 2023
This joint venture will not only focus on the opportunities. It will also work towards tackling future challenges.
Joe Biden and Rishi Sunak at the white house outlined new measures under the banner of the Atlantic Declaration. The course of action for the future declaration includes:
Secure and Ethical Development of Artificial Intelligence (AI)
The two leaders agreed that the most significant changes since the Industrial Revolution are now taking place in the global economy. Partly due to artificial intelligence, which warns mankind of possible annihilation by cybernetic machines if the government fails to devise a response.
Recognizing the artificial intelligence potential, Rishi Sunak announced that the UK is all set to hold the world’s first AI summit later this year. It will provide a platform to exchange knowledge for the development of responsible and safe AI technologies.
United States Green Funding
A major opportunity in the declaration was for UK enterprises, especially the sector for electric vehicles. This sector will have the benefits of US green tax credits and subsidies. This provision holds significant promise in terms of financial incentives and support. It is specifically aimed at fostering the growth and advancement of green technologies and sustainability.
This creates significant opportunities for British car manufacturers to benefit from the flagship US Act of Reducing Inflation, IRA, which provides substantial tax credits on EV production in the United States or components imported from that country.
Defence and Security
Leaders of both nations expressed their satisfaction regarding the continuous progress of the Australian, United Kingdom and United States (AUKUS) partnership. Besides the leadership of both nations within the North Atlantic Treaty Organisation(NATO).
The leaders underscored their dedication to preserving worldwide stability and addressing hostile actions from both state and non-state actors. The two leaders looked forward to their reunion at the NATO summit in Vilnius next month with great anticipation.
Data Privacy and Easy Trade
The declaration also included the assurance of an agreement on data protection. In particular, the “U.S. Data Bridge” will allow UK companies to freely transfer data to certified US organisations without paying any fees, fostering seamless cooperation and driving innovation.
This is estimated to result in approximately £92.4 million worth of annual savings for UK firms. Consequently, it empowers them to operate more efficiently within the Digital Economy.
Russia’s Violation of Ukraine’s Sovereignty
During the discussion at the White House, PM Rishi Sunak and President Joe Biden emphasized that their shared objectives remain the same. It was an area of mutual concern. It is the preservation of Ukraine’s freedom, independence, and sovereignty.
They also explained how both countries stood shoulder to shoulder to support Ukraine in the face of Russia’s aggression. They pledged to support Ukraine in the future, also.
The Atlantic Declaration, which seeks to promote economic cooperation between the United Kingdom and the US to tackle shared global problems head-on, represents a strong commitment by both countries.
The two countries are on track to shape their citizens’ future in a more prosperous way and make an indelible contribution to the world at large, thanks to this historic agreement.
