His prime minister United Kingdom Rishi Sunak and US President Joe Biden they agreed to a “first-of-its-kind” economic partnership called the “Atlantic Declaration,” according to a BBC News report.

Together, the two nations will “establish a new approach” that will allow the UK and US to “move faster and work more deeply together”, Downing Street said in a press release.

Sunak said the US-UK economic relationship had “never been stronger”. He said the new deal meant new US investment in the UK and a reduction in trade barriers in the “technologies of the future”.

What does the “Atlantic Declaration” include:

  • Reducing vulnerabilities in critical technology supply chains. This means more information sharing and early coordination during crises
  • Support for the clean energy industry and net zero ambition, including a “new civil nuclear partnership”
  • New UK-US ‘Data Bridge’ to make it easier for 55,000 UK businesses to share data with certified US organizations ‘without cumbersome red tape’
  • International AI Security Summit to be hosted by the UK later this year – boosting international efforts to govern and safeguard AI
  • Strengthen cooperation to stop “adversaries” from developing and using technologies that can harm both countries
  • More research and collaboration “to consolidate UK and US leadership” in key future technologies – AI, 5G and 6G, quantum, semiconductors and engineering biology
  • Biden plans to ask Congress to make it easier for British companies to benefit from US government investment like American companies

Sunak said it was a new economic partnership for a new era, “something that has never been agreed before”.

“Our job as leaders is to ensure that the technological revolution makes us safer, not less,” Sunak emphasized.