The United Kingdom and United States announced an Atlantic Declaration to strengthen economic ties and partnerships between the two nations.
Paul Butterworth, CEO of Chambers Wales South East, South West and Mid, said:
“A closer trade, investment and economic relationship between the UK and the US sets out a key marker that sets the UK agenda and trade relations post Brexit. Outside of the EU, the US is the biggest export market and the commitments the Declaration provides will open up greater opportunities for Wales.
“The new trade deals boost key business sector development on both sides of the Atlantic; on technology, energy cooperation, supply chains, investment and removing trade bureaucracy that creates a pathway for more bilateral trade and investment.
“Chambers Wales South East, South West and Mid welcomes the clear commitment to negotiate a strong deal on access to the US markets and the application to US supply chains in sectors eligible for tax credits under the Inflation Reduction Act, like electric vehicle production and Wales’ journey to net zero.”
William Bain, Head of Trade Policy at the British Chambers of Commerce, said:
“This is an important milestone in developing ever closer trade, investment and economic relations between the UK and the US. Other than the EU, the United States is the biggest export market for our firms, and the commitments the Declaration provides will open up new opportunities.
“It sets out clear principles to boost key business sectors on both sides of the Atlantic. On technology, energy co-operation, supply chains, investment and removing trade barriers it outlines a clear pathway for more bilateral trade and investment.
“We also welcome the clear commitment to negotiate a strong deal on access to the US market for critical minerals like cobalt, graphite, lithium, nickel and manganese that have been extracted or processed in the UK. This will apply to US supply chains in sectors eligible for tax credits under the Inflation Reduction Act, like electric vehicle production.
“President Biden reflected on the interdependence of our supply chains in his comments this evening – and rightly so.
“A UK-US Data Bridge when negotiated will reduce red tape on cross border data flows for business which are the lifeblood of growing our £279bn per year bilateral trading relationship.
“We hope business will be strongly involved in the work of each of the five pillars – including the workplan and Strategic Technologies Investor Council on AI, quantum technologies and other emerging technology and supply chain issues, like advanced semiconductors.
“The BCC will support both Governments in making even further progress in key areas like cross-border digital trade and supply chains on steel and aluminium.”