- The United States and the United Kingdom have launched a new strategic accord reinforcing their “special relationship” in order to face threats posed by Russia, China, and economic uncertainty.
- Instead of seeking a post-Brexit free-trade agreement, they signed the Atlantic Declaration to establish a new green economy through massive industry subsidies.
What exactly is the Atlantic Declaration?
- In response to China’s expanding rivalry, the “Atlantic Declaration” aspires to strengthen business collaboration in the defence and renewable energy sectors.
- The proclamation acknowledges the threats posed by authoritarian nations, disruptive technologies, non-state actors, and global crises such as climate change.
- Both presidents emphasised the importance of adapting to the changing global economy, which is being driven by AI and technology breakthroughs.
Declaration’s key terms
- Under the Atlantic Declaration, the United States and the United Kingdom will enhance their supply chains, invest in each other’s sectors, and create future technology.
- They agreed to establish a civil nuclear partnership to enhance renewable energy cooperation and reduce reliance on Russian fuel.
- Technology and Critical Minerals: The countries will work together to develop AI technology safely, establish a critical minerals accord, and collaborate on telecoms and quantum technologies.
- The declaration contains a commitment in principle to a UK-US “data bridge” that simplifies data movement between British and US enterprises without additional red tape.
- Negotiations on a vital minerals deal will allow select UK enterprises to take advantage of tax credits offered under the US Inflation Reduction Act.
- Business Cooperation: Cooperation will extend to telecoms technology, including 5G and 6G, as well as quantum technologies, boosting collaboration and innovation between the United States and the United Kingdom.
Source: https://www.whitehouse.gov/briefing-room/statements-releases/2023/06/08/the-atlantic-declaration-a-framework-for-a-twenty-first-century-u-s-uk-economic-partnership/