The U.S. and the UK have announced a new economic partnership called “The Atlantic Declaration” to increase cooperation in renewable energy, artificial intelligence (AI) and critical minerals, “to ensure that our unique alliance is adapted, reinforced, and reimagined for the challenges of this moment,” a press release from The White House said.
The White House described the declaration, which addresses technological, commercial, economic and trade relations between the U.S. and the UK, as the “first of its kind,” reported Reuters.
The plan will allow the U.S. and Britain to reinforce their supply chains, invest in each other’s industries and develop future technologies, said the office of UK Prime Minister Rishi Sunak.
“The Atlantic Declaration and accompanying Action Plan form the basis of a new type of innovative partnership across the full spectrum of our economic, technological, commercial and trade relations; a first of its kind, and which demands our joint leadership and imagination to realize in full,” The White House said.
As part of the clean energy collaboration between the U.S. and the UK, a civil nuclear agreement was also reached, which will involve the building of new infrastructure and ending reliance on Russian fuel.
“Our joint activity and leadership will support and facilitate the safe, secure, and sustainable international deployment of advanced, peaceful nuclear technologies, including small modular reactors, in accordance with the highest non-proliferation standards and consistent with a 1.5 degree Celsius limit on global warming,” The White House said.
“We have stood shoulder to shoulder in our resolve to support Ukraine for as long as it takes in the face of Russia’s illegal, unjustifiable, and unprovoked war of aggression and to preserve a free, independent, and sovereign Ukraine.”
The U.S. is also seeking a shared strategy with the UK for the regulation and safety of AI, said Biden at a joint Washington news conference, Reuters reported.
“The United States and the United Kingdom recognize Artificial Intelligence (AI) has the potential to transform our societies and economies and share a commitment to the role of government action to unlock the opportunities and mitigate the risks arising from the rapid development of these technologies,” the White House press release said. “We will accelerate our cooperation on AI with a focus on ensuring the safe and responsible development of the technology.”
The declaration also seeks to mitigate some impacts of the Inflation Reduction Act (IRA) on the UK economy. The UK exports raw materials to make batteries for electric vehicles to the U.S., but cannot access IRA tax credits without a trade deal.
“With congressional consultation, we intend to immediately begin negotiations on a targeted critical minerals agreement covering the five relevant critical minerals most important for electric vehicles – cobalt, graphite, lithium, manganese, and nickel – that are extracted or processed in the United Kingdom [to] count toward sourcing requirements for clean vehicles eligible for the Section 30D clean vehicle tax credit of the Inflation Reduction Act,” The White House said.
The Atlantic Declaration also includes a pledge to establish a U.S.-UK Data Bridge to allow the free transfer of information. “[I]t is natural that, when faced with the greatest transformation in our economies since the industrial revolution, we would look to each other to build a stronger economic future together,” Sunak said, as reported by BBC News. “The Atlantic Declaration sets a new standard for economic cooperation, propelling our economies into the future so we can protect our people, create jobs and grow our economies together.”