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Welcome to the BABN’s November Policy and Trade Update.
Last month, BAB launched its Annual Policy Agenda, which outlined the top priorities and areas of importance for the transatlantic business community. This month, the 6th US-UK SME Dialogue will take place, and the UK Department for International Trade will hold its ‘International Trade Week’.
October was a busy month for the United Kingdom: a new Prime Minister is in office, with some key ministers remaining in their cabinet posts, and the US and UK have launched a transatlantic dialogue on digital issues.
See below for a recap of the policy and trade headlines of October and early November 2022, as well as additional information on upcoming events in the Network.
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2022 Annual Policy Agenda Launch
11/12 October 2022
In early October, BritishAmerican Business launched its annual Policy Agenda, outlining policy priorities top of mind for industry operating in the US-UK corridor. This year's edition features eight issues that are a priority for the US and UK governments in the year to come:
- Closer transatlantic cooperation on trade
- Tax policy that is both competitive and fair
- High intellectual property standards
- Facilitating transatlantic data flows
- Sustainability policy that is pro-business and pro-growth
- Training and upskilling the workforce of tomorrow, including through sensible immigration policy
- Setting a tangible transatlantic financial services agenda
- Maintaining and honing the UK's competitive edge in life sciences
BAB was pleased to host a number of our members and government stakeholders in London and Washington, D.C. to Our launch event featured remarks from U.S. Senator Thom Tillis, U.S. Congressman Derek Kilmer, U.S. Department of Commerce Deputy Assistant Secretary Davud De Falco, and UK Minister of State at the Foreign, Commonwealth & Development Office, Jesse Norman MP. Read our policy agenda recommendations here and watch our launch event here!
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Launch of the U.S.-U.K. Comprehensive Dialogue on Technology and Data
October 7, 2022
Following the signing of President Joe Biden's executive order implementing a data privacy framework for the U.S. and EU, the US State Department announced the launch of the US-UK Dialogue on Technology and Data, an initiative focusing on data flows between the two countries. The Dialogue will build upon the Technology Partnership launched by President Joe Biden and then-Prime Minister Boris Johnson in 2021. It will take form as an annual meeting of senior representatives from the U.S. Department of State and Commerce and the UK Foreign, Commonwealth and Development Office and Department for Digital, Culture, Media and Sport.
In the coming year, the Dialogue will focus primarily on three issues: data; critical and emerging technologies; and secure and resilient digital infrastructure. The US and UK governments will use the Dialogue as a forum to collaborate on ethical applications of AI, fortifying supply chains against disruptions, and protections for personal data.
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Appointment of Rishi Sunak & New Cabinet
October 20, 2022
Following the resignation of UK Prime Minister Liz Truss on October 20, Rishi Sunak MP emerged as the winner of the Tory leadership contest. His Cabinet appointments have been made with an eye for stability; among those who have kept their positions from the Truss Cabinet are:
- Jeremy Hunt as Chancellor of the Exchequer
- Kemi Badenoch as International Trade Secretary
- James Cleverly as Foreign Secretary
- Ben Wallace as Defense Secretary
Changes include:
- Reinstatement of Suella Braverman as Home Secretary
- Appointment of Grant Schapps - formerly Home Secretary - as Secretary of State for Business, Energy and Industrial Strategy
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Appointment of Therese Coffey - formerly Health Secretary and Deputy Prime Minister - as Environment Secretary.
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Congressional Support for US-UK Trade Cooperation
October 2022
Rep. Kevin Brady (R-TX), Ranking Member of the US House Committee on Ways and Means, and Rep. Adrian Smith (R-NE), Ranking Member of the Ways and Means Subcommittee on Trade, authored a letter to UK International Trade Secretary Kemi Badenoch expressing support for closer U.S.-UK trade cooperation. The letter was signed by all Republican members of the Ways and Means Committee.
In the letter, Members of Congress noted that they urge the Biden Administration to engage in ambitious" trade negotiations with the UK. The Members acknowledge the barriers to moving forward on a free trade agreement, but express support for working together to lay the foundations of a "gold-standard FTA" in the future.
While a free trade agreement seems unlikely at the moment, the U.S. trade cooperation strategy led by Trade Representative Katherine Tai has opened the door for non-traditional trade deals that focus on cooperation in critical sectors. The Indo-Pacific Economic Framework, for example, includes commitments in specific policy areas, such as decarbonization and digital governance, without stipulating market access. Policy convergence between the U.S. and UK would make such trade cooperation more than feasible, and the Ways and Means letter indicates a promising degree of enthusiasm from American legislators.
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Going Global Live
November 16-17, 2022
Supported by the Department for International Trade (DIT), Going Global Live 2022 provides entrepreneurs and SMEs with advice and information on how to navigate overseas trading. This year's program will run through November 16-17th at Excel London. Book free tickets or reserve a booth here!
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US-UK SME Dialogue
November 29, 2022
We are delighted to share with you that the 6th US-UK Small and Medium Sized Enterprise (SME) Dialogue has now been confirmed for Tuesday, November 29th in Edinburgh, Scotland. The Dialogue, launched in 2018, is an incredibly valuable opportunity to engage with key government stakeholders to advance cooperation in areas of particular importance to SMEs, as well as an opportunity to access practical support and resources to help in business expansion. BAB has been an official partner to previous SME Dialogues and looks forward to bringing another strong group from our network to the next Dialogue in November.
Panel topics for the 6th SME Dialogue will include accessing the US and UK market, women in trade, and export promotion support. The event will also feature opportunities for attendees to learn about tools and resources to expand their business successfully.
We encourage small and growing business, or larger companies which are service providers for SMEs to consider attending the Dialogue. Please contact Dagny Ahrend ([email protected]) directly if you wish to attend or support the initiative in some way.
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Thank you for reading our 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 UK. If you would like to learn more about the network and its activities, please visit our website.
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