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Welcome to the January BABN Policy and Trade Update.
Last month saw a strong end to the year in the US-UK policy and trade space with a stream of US and UK figures continuing to travel between the two countries. 2024 promises a continuation of the traffic as US and UK officials are eager to fill existing initiatives, such as the Strategic Energy Dialogue, the Data and Tech Dialogue, the Financial Services Regulatory Working Group, the SME Dialogue, the Atlantic Declaration, and the UK’s State-led trade and investment work with momentum and activity. Additional anchor events include the SelectUSA Summit in June and the Farnborough International Air Show in July, where we look forward to seeing many transatlantic partners from government and business come together.
See below for a breakdown of policy and trade headlines and our published works.
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UK-US Strategic Energy Partnership
What it is: It is the primary bilateral forum to enhance and expand cooperation across shared energy security and resilience, clean energy, affordability and net zero objectives.
The 2024 instalment: The fourth meeting of the UK-US Strategic Energy Dialogue will take place in the first quarter of 2024. The meeting is likely to consider further questions on clean technology developments, financing, SME involvement, and nuclear energy.
What happened last time: Read the joint statement released here after the third dialogue in February 2023 to learn more about the topics of collaboration discussed.
BAB's role: The BAB Policy Team is feeding into the business stakeholder component of the dialogue through engagements in London and DC. Please reach out to Sophie Rahemanji ([email protected]) if you would like an overview of these engagements.
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US-UK Comprehensive Dialogue on Technology and Data
What it is: Senior US and UK officials will meet in the first quarter of 2024 for the second installation of the dialogue.
The 2024 instalment: Major developments have occurred in the past year and many of the deliverables identified at the inaugural meeting have been met. The first Global AI Safety Summit was successfully held at Bletchley Park in November, with South Korea and France lined up to host the next two this year. The US-UK Data Bridge was signed in September, and opportunities for technology R&D collaboration have been identified. Further collaboration on cross-border privacy and digital security will likely continue into 2024.
More information: Read the joint statement released here after the first dialogue in January 2023 to learn more about the topics of collaboration discussed.
BAB's role: BAB is feeding into the industry stakeholder process to complement the dialogue. Please contact Holly Harris ([email protected]) for more information on our relevant Digital Economy work.
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US-UK Financial Regulatory Working Group
An overview: The Working Group was established in 2018 to deepen bilateral regulatory cooperation and to enhance: financial stability; investor protection; fair orderly, and efficient markets; and capital formation across both jurisdictions. The last meeting focused on the key themes of 1) economic and financial stability outlook; 2) international banking issues; 3) developments in the non-bank sector; 4) climate-related financial risks and sustainable finance; 5) international engagement; and 6) digital finance.
What is BAB doing: BAB is part of the BritishAmerican Finance Alliance, a group of organisations that directly feed into the discussions of each working group. If you would like to raise any topics of interest for upcoming meetings please contact Sophie Rahemanji ([email protected]).
Want to learn more? Read the joint statement from the last meeting here after the eighth dialogue in September 2023 to learn more about the topics of collaboration discussed.
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Going Global Live 2023
6-7 March 2024
Overview: The next installation of this year's Going Global Live will be held in Miami. The 2-day events help businesses looking to expand internationally, export products, and set up overseas operations. In partnership with the Department for Business and Trade, Going Global Live brings together a multitude of businesses to prepare them with everything necessary for international trade, including SME support on navigating the post-Brexit trade landscape.
Want to attend?: Free tickets are available on their website here.
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BAB Trade & Investment Guide 2023-24
Overview: After the success of last year’s updated edition of the BAB Trade & Investment Guide to the UK, we are now working on an update on the BAB Trade and Investment Guide for UK companies seeking to expand to the US. Known as being the most comprehensive product in the market, the Guide will feature partners and features on anything practical companies need to know when starting their expansion journey, regional features, and integrate relevant government and third-party services.
Want to know more?: If you'd like to know more about the Trade Guide, please contact Francesca Lentini at [email protected].
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Select Trade USA
23-26 June 2024
Overview: The SelectUSA Investment Summit returns to National Harbor, Maryland this June to establish new connections and opportunities to grow through investing in the US.
More detail: The Summit is the highest profile event in the US to facilitate business investment by connecting thousands of investors, companies, economic development organisations (EDOs), and industry experts. The event provides a platform to connect with representatives from 50+ states, 80+ markets, and to gather advice from policy and business experts.
Want to attend?: If you'd like to learn more about the Summit or attend, more information can be found here.
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Thank you for reading this month's Policy and Trade Update. If you have any feedback or comments please contact us.
BAB participates in and offers policy and trade support to the BritishAmerican Business Network, a group of over 20 independent trade organisations across North America and the U.K. If you would like to learn more about the network and its activities, please visit our website.
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