U.S. and U.K. Committed to Cooperation on Critical Minerals

by | 9. Jun 2023 - 10:55 | Economy

The two countries have announced the Atlantic Declaration for economic partnership

U.S. President Joe Biden and U.K. Prime Minister Rishi Sunak have announced a new framework for a trans-Atlantic economic partnership in the twenty-first century. The hence-named “Atlantic Declaration” is set to provide the foundation for increased cooperation in fields like clean energy, artificial intelligence, and critical minerals, according to a statement by The White House.

Critical minerals like rare earths and lithium are components of almost all electronic devices but also clean energy production and transportation. In the context of China’s dominating position in the rare earths mining and processing industries, Biden asserted that strengthening critical mineral supply chains and making them more resilient is central to breaking the People’s Republic’s headlock. U.S. and U.K. officials are therefore to begin negotiations to reach a signed agreement on critical minerals, eventually allowing British companies to benefit from tax credits under the Inflation Reduction Act. This could result in a symbiotic relationship between the two countries considering a rare earths processing plant is currently under construction in northeast England and is set to begin operating in 2024.  

The declaration also includes cooperation on artificial intelligence, quantum computing, and semiconductors, vowing that these critical technologies are “developed safely and responsibly and jointly.” This lines up with the U.K.’s recent $1.2 billion investment plan into its domestic semiconductor industry. $250 million of this plan are allocated to boost international partnerships.

Photo: Oleksii Liskonih

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