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.”