Atlantic Declaration must lead to real outcomes - trade body

Transatlantic trade chiefs have said “real outcomes ” must be reached for businesses to benefit from the newly-agreed Atlantic Declaration.

The partnership was agreed during a meeting between Prime Minister Rishi Sunak and president Joe Biden at the White House earlier this month, as a means to bolster economic security.

The agreement includes a narrow trade pact covering critical minerals needed for electric car batteries, closer defence industry cooperation, easing trade barriers, and a new data protection deal.

The new accord contains an in-principle agreement for a deal on those minerals - used to make a range of products from solar panels to electric vehicles - to give UK exporters access to the huge $370bn ( £294bn) green subsidies programme, the Inflation Reduction Act, introduced by President Biden to turbocharge huge green investment in the US.

Leading transatlantic trade body BritishAmerican Business - of which the Greater Birmingham Transatlantic Chamber of Commerce is part - welcomed the Declaration but warned its benefits will only be realised if the intentions are turned into concrete agreements.

BAB CEO Duncan Edwards (pictured) said: “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.

“The 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. ”