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Welcome to the October 2023 BABN Policy and Trade Update.
It's been a busy start to the fall for our transatlantic policy and trade network, kicked off with the BAB Policy Agenda launch in both D.C. and London highlighting what BAB and the wider BABN network will be focusing on the year to come. Part of the priorities will be for BAB and its partners to work alongside UK and US governments on the successful implementation of the Atlantic Declaration, the AI Summit later this year, as well as on initiatives that keep both the US and the UK attractive places for business.
On the latter, BAB was proud to take part in the Northern Ireland Investment Summit this month, which brought together many international investors in Belfast, showcasing the region as a strong economic zone to a global platform. BAB also endorsed and supported the 6th UK MoU signed with Washington State.
See below for a breakdown of policy and trade headlines and our published works.
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UK-US Data Bridge
12-13 September 2023
An overview: Active from October 12th, the UK-US data bridge (adequacy) will be in effect as a UK extension to the EU-US Data Privacy Framework (DPF). A key deliverable of the Atlantic Declaration and the UK-US comprehensive dialogue on technology & data, the UK-US data bridge will provide much needed clarity for cross-border data flows.
A little extra detail: The data bridge completes the triangulation of transatlantic transfers between the EU, UK, and US. US companies that already participate in the EU-US DPF will now be able to partake in the UK-US data bridge. It means that organisations in the UK will be able to transfer personal data to certified US organisations without the need for additional safeguards i.e. international data transfer agreements. In practice, this can significantly simplify data transfers between the countries whilst clearing the cloud of legal uncertainty on UK-US data transfers that appeared after the 2020 EU Schrems II judgement. The overall hope is that the data bridge will facilitate responsible innovation and provide individuals in both countries greater access to the services that suit them, whilst reducing the burdens on businesses and delivering better outcomes for people.
The data bridge is not a reciprocal agreement and applies only to data flowing from the UK to the US, it ensures the UK individuals protection under UK GDPR is maintained. It also allows all UK individuals whose personal data has been transferred to the US access to a redress mechanism if they think their data has been unlawfully accessed by US authorities for national security purposes.
More information: For a more comprehensive explanation of the UK-US data bridge, the UK government has released an explainer here.
Read our statement from CEO Duncan Edwards on the UK-US data bridge here.
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UK MoU signed with Washington
25 September 2023
An overview: The UK Government signed its sixth state-level MoU with Washington State.
The signing: Industry Minister Nusrat Ghani travelled to Seattle with 35 UK companies to sign the agreement at a joint Boeing and Department for Business and Trade showcase. Aerospace will be a priority sector under the MoU, which will seek to facilitate more deals between the UK and Washington State.
Want to know more?: Interested in learning more about the MoU campaign or are you looking to trade between the UK and Washington? Reach out to Francesca Lentini ([email protected]).
Find our statement from CEO Duncan Edwards on the newest MoU here.
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AI Safety Summit
1-2 November 2023
An overview: The hotly anticipated AI Safety Summit will be held at Bletchley Park to begin a global conversation on how to best manage the risks from recent advances in frontier AI.
In summary: The Summit will focus on 2 particular categories of risk in relation to frontier AI:
- Misuse risks where a bad actor is aided by new AI capabilities to create harm
- Loss of control risks that could emerge from advanced systems that we would seek to be aligned with our values and intentions
The document states 5 objectives of the Summit including:
- A shared understanding of AI frontier risks
- A forward process for international collaboration on frontier AI safety
- Measures for individual organisations to take for increased frontier AI safety
- Potential collaboration areas for AI safety research
- A showcase on how safe AI developments can be used for good
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Foreign Influence Registration Scheme
11 September 2023
What it is: After the advocacy efforts to amend FIRS as part of the National Security Act earlier this year, a consultation has been opened to prepare for the formation of guidance to assist potential registrants and others in understanding their responsibility to the scheme.
When is it?: BAB will be submitting a response to the consultation, which closes December 1st. If you would like to feed into our response, please contact Francesca Lentini ([email protected])
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Atlantic Declaration RAG Review
November 2023
With the Atlantic Declaration having been signed almost 6 months ago, BAB will be writing a RAG review to look at the progression of US and UK economic partnership since. As negotiations on a Critical Mineral Agreement continue, and the UK-US data bridge soon comes into effect, significant milestones are being reached in good time.
Want to submit your thoughts into our consultation process for our upcoming RAG review? Please contact Francesca Lentini ([email protected]).
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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 and seminars will highlight the services, guidance, and expertise which the UK government and businesses can provide companies to grow their business both in the UK and internationally.
What will it focus on: The events will centre on 4 main themes:
1. Practical advice on exporting goods and services
2. Government services available to help exporters
3. Optimising ability to secure investment from overseas
4. Trade opportunities abroad - including the US, Middle East, and Indo-Pacific
International Trade Week 2022 saw record numbers of both events and attendees, and 2023's event is expected to be equally impressive.
Are you interested?: Email [email protected] to find out how you can be a part of ITW 2023, or register early interest to participate here.
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Big in America
12 September 2023
What it is: Big in America is streaming live on LinkedIn. Hosted by UK TV personality Alex Polizzi, this new documentary series follows 5 UK businesses to New York as they embark on a mission to land their first export deal in North America.
Why: The aim is to showcase the free export support available from the Department for Business and Trade, including:
- The UK Export Academy
- Advice from International Trade Advisors
- Finding export opportunities
- Webinars
- Registering for US trade missions and events
Interested?: Watch the first episode streamed on September 12th on LinkedIn here.
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Going Global Live 2023
22 November 2023 - 4 March 2024
Overview: This year's installations of Going Global Live will be held in London, Los Angeles, and 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 for all 3 locations 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.
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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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