UK and US launch new economic partnership: The ‘Atlantic Declaration’

Jun 2023

On June 8th 2023, Prime Minister Rishi Sunak and President Joe Biden set out the new Atlantic Declaration at a White House press conference. The agreement looks to strengthen economic ties between the two countries, falling short of a full trade deal.  

Negotiations are set to take place on a Critical Minerals Agreement that will look to include critical minerals processed or mined in the UK in US Inflation Reduction Act Tax Credit eligibility. The UK Government notes that the UK is currently a net exporter of raw materials for EV batteries to the US, and the deal will help those UK based firms involved in the mining, recycling and refining of critical minerals who are supplying US EV and battery manufacturers. The declaration sets out that the agreement will be launched following a consultation with US congress, and follow in the footsteps of Japan, who already has a similar deal in place.  

 

 

 

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Image credit: Adobe Stock