In a bid to increase collaborative efforts regarding renewable energy technologies, artificial intelligence (AI), as well as the extraction and processing of vital minerals, the United Kingdom and the United States formally announced a new economic partnership to ensure that both nations can reinforce their respective supply chains even as they mutually invest in diverse industries and promote innovative development.

Referred to as The Atlantic Declaration, this new plan will serve as the basis of a new form of innovative bilateral collaboration between the US and UK. The agreement is the first of its kind, covering economics, technological development, trade, as well as commercial relations.

Likewise, this historic agreement includes a pledge meant to establish a data bridge between the US and UK to facilitate the free flow of information. As UK Prime Minister Rishi Sunak puts it, it is but natural that both nations should look to each other to jointly build a stronger, more stable economic future in light of their rapidly evolving economies.

The Atlantic Declaration is also seen as a new standard for bilateral economic cooperation in the sense that it drives the economies of involved nations in such a way that they are able to protect their people while generating viable employment and building stronger economies.

Other Matters of Concern

The transformative capabilities of AI technology were also touched upon in the agreement. Both countries recognize how AI stands to change numerous aspects of society and commerce; as such, the US and UK share a commitment to unlock the opportunities these nascent technologies offer and mitigate the risks they pose. The Biden administration has assured the public that both countries will accelerate their cooperation with regard to ensuring the safe and responsible development of AI initiatives.

At the same time, the US and UK immediately engaged in negotiations regarding a key agreement covering the five minerals considered vital for the production of electric vehicles: cobalt, graphite, lithium, manganese, and nickel. Minerals processed in the United Kingdom, in particular, will count towards sourcing requirements under the Section 30D clean vehicle tax credit of the US Inflation Reduction Act (IRA.)