Published: 8 June 2023
A Statement from BritishAmerican Business CEO on the Atlantic Declaration
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Commenting on the announcement by PM Sunak and President Biden, BAB CEO Duncan Edwards said:
“BritishAmerican Business welcomes today’s announcement of the Atlantic Declaration, bringing together a number of initiatives that will enhance the economic relationship between the US and the UK. The Action Plan for a Twenty-First Century US UK Economic Partnership (ADAPT), that was jointly announced by President Biden and Prime Minister Sunak is laudable and should be encouraged.
“It is important to understand however that the Declaration signals intent rather than actual agreement on any of these issues. The value for transatlantic businesses will only be realised if real outcomes are reached on issues like a critical minerals exemption from the Inflation Reduction Act for the UK car industry; the proposed UK US Data Bridge to enable legally watertight data transfers; a more integrated procurement program for defence technologies; and enhanced collaboration on future technologies such as AI and quantum.
“BritishAmerican Business will continue to advocate for a future comprehensive trade agreement as we hear from the overwhelming majority of transatlantic businesses that they want far deeper and greater economic collaboration. But this declaration, along with the other initiatives undertaken at a state and federal level are certainly welcome.
“Today’s announcement has the potential to further build on the incredibly successful economic partnership between both countries. As the main body representing British and American businesses, we stand ready to support both governments as they seek to turn the intentions set out in the Declaration into concrete agreements. The annual BAB Policy Agenda, of which the next edition will be released in September, will guide our work and priorities in the months to come.”
About BritishAmerican Business
BritishAmerican Business is the leading transatlantic trade association incorporating the British-American Chamber of Commerce in the US and the American Chamber of Commerce in the UK.
We are committed to strengthening the economic corridor between the United States and the United Kingdom by supporting policies and actions that protect and enhance the environment for transatlantic trade and investment on behalf of our members.
We convene and serve a growing network of companies and business leaders through networking opportunities, bespoke programming and marketing platforms.
We actively promote trade and investment and support those who make the transatlantic corridor part of their business growth ambition.