The International Trade Council (ITC) applauds the signing of the landmark 'Atlantic Declaration,' a multifaceted agreement between US President Joe Biden and UK Prime Minister Rishi Sunak. This agreement, announced at a joint press conference held at the White House on June 8, 2023, bolsters international cooperation in areas such as artificial intelligence, critical minerals, clean energy, and security.
As the two nations face increasing economic and security challenges, the 'Atlantic Declaration' serves as a robust response to enhance economic security against potential threats from nations such as Russia and China. This timely initiative also emphasizes the significant role of collaboration in addressing global challenges.
UK Prime Minister Sunak characterized the agreement as a "new economic partnership for a new age," unprecedented in its depth and scope. He highlighted the commitment of $17.5 billion in new US investments into the UK, demonstrating the mutual benefits of such international cooperation.
The agreement further covers collaborative research in emerging fields such as quantum technology, semiconductors, and artificial intelligence. Additionally, it includes provisions for starting discussions on an agreement for UK-mined electric vehicle minerals to receive tax benefits under Biden’s Inflation Reduction Act.
The ITC, as a global advocate for trade growth and ethical business practices, commends this international effort. Such partnerships underscore the importance of international collaboration in addressing global challenges, ensuring economic growth and stability.
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About the International Trade Council The International Trade Council is a non-partisan, peak-body organization that promotes trade growth, ethical business practices, and intellectual property rights protection across 176 countries worldwide.
