US-UK Economic Partnership Announced, No Free Trade Deal Yet
Pact 'a testament to the depth, breadth and I would argue, the intensity of our cooperation and coordination,' says Biden
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The US and UK signed a new economic agreement on Thursday that aims to enhance cooperation between their economies, but did not reach a free trade agreement that many Brexit supporters hoped for.
The new pact, called the Atlantic Declaration for a Twenty-First Century US-UK Economic Partnership, was unveiled as UK Prime Minister Rishi Sunak met with President Joe Biden at the White House. The agreement intends to update the economic relationship between the two NATO allies.
Both leaders praised the agreement, with Biden saying it expands “our cooperation to shape the challenges and future for the remainder of this century.” Sunak called it “a new economic partnership for a new age, of a kind that has never been agreed before.”
However, some critics pointed out that the UK has failed to secure a free trade deal with the US since leaving the EU seven years ago. Sunak defended the pact, saying it responds “to the particular opportunities and challenges that we face right now and into the future.”
The pact covers a wide range of sectors, such as critical and emerging technologies, private capital mobilization, talent exchange, and supply chain resilience. Sunak said he and Biden also agreed to work together on AI safety, citing a recent warning from AI experts about the potential risks of the technology.
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