Atlantic Declaration

Atlantic Declaration

News: Despite a U.S.-U.K. trade deal remaining very much elusive, British Prime Minister Rishi Sunak and President Joe Biden signed a new “Atlantic Declaration” aiming to bolster economic security in the face of threats coming from Russia and China.

About:
 It is focused on building a resilient, diversified, and secure supply chain, reducing strategic dependencies.
 It is a series of mini deals looking artificial intelligence, critical minerals, clean energy and security.
 Atlantic Declaration Action Plan (ADAPT) sets forth a comprehensive strategy to enhance economic growth, competitiveness, and resilience while prioritizing workers, businesses, climate, and national security.

Why is this agreement important for UK?
 Britain left the European Union on Jan. 31, 2020, and a recent cost-of-living crisis in Britain as well as current opinion polls suggest that public sentiment has turned against Brexit amid a cost of living crisis accentuated by supply chain issues.

5 pillars of the Declaration:
 Leadership in Critical and Emerging Technologies
 Cooperation on Economic Security and Technology Protection. It will include sharing information and best practices on cybersecurity, supply chain resilience, and technology governance.
 Partnering on an Inclusive and Responsible Digital Transformation
 Building the Clean Energy Economy of the Future.
 Strengthening Alliance across Defense, Health Security, and Space.
Source – CNBC, BBC