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Welcome to the June BABN Policy and Trade Update.
This month was marked by the visit of UK PM Rishi Sunak to D.C. In an action-packed 2-day trip, PM Sunak delivered a solid visit, with meetings on the Hill, White House, businesses, and attendance of the annual US/UK Friendship Day baseball match. Most importantly, after their bi-lateral meeting, both PM Sunak and President Biden announced the Atlantic Declaration, a comprehensive action plan defining areas of collaboration ranging from defence, AI, energy, and supply chains.
On a more personal note, we were delighted to see so many of you at the BABN Transatlantic Conference and Transatlantic Growth Awards (TAG) & Reception in London and at adjacent events across the week. We were fortunate to hear from speakers including: Deputy Chief of Mission at the US Embassy London Matthew Palmer; Minister for Investment, Lord Johnson; Nigel Huddleston, Minister for International Trade; David Rutley; Parliamentary Under Secretary of State for the Americas and Caribbean; Andy Burnham, Mayor of the Greater Manchester Combined Authority; Sir Conor Burns, U.K. Trade Envoy to the U.S.; and Rajesh Agrawal, Deputy Mayor of London for Business, as well as several country leads of major transatlantic corporations.
See below for a breakdown of policy and trade headlines and our published works.
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Fireside Chat with Joseph Kennedy III
10 July 2023
What it is: Join us for an exclusive Fireside Chat with Joseph Kennedy III, U.D. Special Envoy to Northern Ireland for Economic Affairs on Monday, 10th July 11-12pm EDT/4-5pm BST.
Extra info: Moderated by Lucinda Creighton, CEO, Vulcan Consulting, Joseph Kennedy III will share his mission and personal interest in the U.S. relationship with Northern Ireland. He will explore the Windsor Framework, and look towards the Northern Ireland investment conference this September.
Sign me up: Press here for more information and to register. The event is open to all members of all BABN chapters.
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PM Sunak and President Biden's Announce Atlantic Declaration
8 June 2023
Fill me in: An economic partnership was announced to strengthen US and UK supply chains, develop technologies of the future and invest in industries on both sides of the Atlantic.
A summary: The partnership looks to collaborate more closely on the full spectrum of economic, technological, commercial and trade relations. The declaration's action plan sets out 5 pillars across which the US and UK commit to take concrete and coordinate action:
- Joint leadership in critical and emerging technologies
- Cooperation on economic security, technology protection toolkits, and resilient, diversified, and secure supply chains
- Partnership on an inclusive and responsible digital transformation
- Building the clean energy economy of the future
- Strengthening the US-UK alliance across defence, health security, and space
Why it matters: The declaration is a good step forward in the absence of an FTA, as well as indicating the US' willingness to strengthen economic ties across the UK after the agreement of the Windsor Framework earlier this Spring. Interest remains in its practical implementation.
Find out more: Read our briefing of the Atlantic Declaration here.
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U.K. to host first global summit on Artificial Intelligence
7 June 2023
An overview: It was announced that the UK would host the first global AI summit this fall to bring together key countries, leading tech companies, and researchers to agree on safety measures to evaluate and monitor risks from AI.
What will it focus on: The summit looks to consider the risks of AI, including frontier systems and discuss how they can be mitigated through internationally coordinated action. It will also provide a platform for countries to work together on further developing a shared approach to mitigate risk.
Why it matters: The UK ranks 3rd in AI behind the US and China. The summit will help ensure that transatlantic governments and businesses lead the way in AI regulatory approaches globally.
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Competition Markets Authority Strategic Steer Consultation
23 June 2023
What you need to know: The UK Government has proposed a strategic steer to the Competition and Markets Authority, and the Department for Business and Trade (DBT) have opened a consultation on the matter.
Background info: The decisions came shortly after American and British officials met on the side-lines of the World Bank and IMF meetings earlier this month, during which Russia was a key focus.
BAB's response: BAB submitted a response to the consultation which closed on Friday, 23rd June. Please contact Francesca Lentini, London Policy Manger, (flentini@babinc.org) if a copy of the response would be of interest to your business.
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Digital Markets Competition and Consumer Bill
16 June 2023
The latest: The DMCC bill had its latest stage in the House of Commons this month, after being first introduced on 25 April.
Tell me more: The new Bill looks to strengthen the Competition and Markets Authority (CMA) giving them the power to decide when consumer law has been broken rather than taking each case to court. It looks to change wider competition rules across all industry sectors, and also enhance consumer protection by strengthening enforcement powers and consumer rights.
Business thoughts in our network: There are concerns regarding the severity of the penalties, merger blocking, and lack of CMA checks and balances, however, there is support for clarity that the regulation brings, and the improvement of consumer rights.
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International Trade Week Returns
6 - 10 November 2023
What it is: International Trade Week is back for its 3rd year running. Led by the Department for Business and Trade, and in partnership with industry, the week's activities are for UK companies of all sizes and sectors - whether selling goods or services. Events, workshops, seminars, and more will be available.
Are you interested?: Email itwsupport@trade.gov.uk to find out how you can be a part of ITW 2023, or register early interest to participate here.
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E-Commerce Trade Commission Launch
13 June 2023
What to know: A new e-commerce commission has been launched to directly advise the U.K. government on how to encourage 70,000 UK SMEs to trade internationally online.
Extra info: By encouraging SMEs to export online, it is estimated it could boost the economy by £9.3bn. The commission will run for 2 years and will work towards its objectives of simplifying pathways to e-commerce, addressing the current problems faced by businesses and incentivising SMEs to trade digitally through policy recommendations to the Department for Business and Trade.
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Unicorn Kingdom: Pathfinder Awards 2023
June 2023
A short summary: DBT will be launching awards to provide an avenue for discovering fast-growing, high potential tech businesses and open a dialogue about what the UK has to offer tech businesses operating here.
Background info: The UK has a strong economy for tech unicorns through its combination of world-class talent, agile regulation, and focus on global expansion. The new awards build upon the success of the previous Tech RocketShip Awards.
Find out more: If you are interested in learning more about this, please register here.
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Export-led growth Inquiry
26 May 2023
Overview: The Business and Trade Committee has launched an inquiry into Export-led growth. The Committee will examine how well equipped the UK is to achieve its Government target for growth in UK exports by the end of the decade. It will also consider how the UK can take advantage of export opportunities in emerging technologies and critical international supply chains.
What is it: The inquiry is open for evidence submissions until Friday 14 July 2023.
Find out more: More information on the inquiry 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.
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