Rishi Sunak and Joe Biden Sign Atlantic Declaration; Announce Partnership on Clean Energy and Electric Vehicles
The declaration includes plans to address the bottlenecks of the US flagship IRA on the UK economy, with suggestions to remove trade barriers in the electric vehicle batteries sector. Apparently, the UK electric car companies might get access to US green tax credits and subsidies.
June 09, 2023. By Anurima Mondal
In the press conference held at the White House, the PM announced that the Atlantic Declaration would bring benefits to both countries. It includes plans to address the bottlenecks of the US flagship Inflation Reduction Act (IRA) on the UK economy, with suggestions to remove barriers that affected trade in electric vehicle batteries. Apparently, the UK electric car companies might get access to US green tax credits and subsidies. Further, Sunak defined the UK-US relationship as an ‘indispensable alliance’.
The Declaration talks about commitments to easing trade barriers, forming close defence industry ties, data protection deals, clean energy and cooperation on AI. A UK-US free trade agreement was a key pledge in the Conservative Party's 2019 general election manifesto.
Under current policy, the IRA provides a tax credit worth USD 3,750 for either electric vehicles manufactured in the US, or EV components manufactured in the country. While the UK is currently a net exporter of raw materials for EV batteries to the USA, the nations without a US trade deal are barred from accessing IRA subsidies.
Japan has signed a similar deal, which enables Japanese manufacturers to also swerve export duties on minerals used in manufacturing EV batteries.
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