FACT SHEET: US-EU Trade and Technology Council Sets Economic and Technology Policies and Initiatives
Margarita M. Phillips
3 min read
New policies will strengthen our economic partnership and update the rules of the global economy
Read the US-EU joint statement here.
The U.S.-EU Trade and Technology Council (TTC) held its second ministerial meeting in Saclay – Paris, France on May 15-16, 2022. The U.S. Co-Chairs, Secretary of State Antony J. Blinken, Secretary of Commerce Gina Raimondo and US Trade Representative Katherine Tai were joined by EU Co-Presidents, European Commission Executive Vice-Presidents Margrethe Vestager and Valdis Dombrovskis to review progress, meet with a range of stakeholders American and European countries and to advance transatlantic cooperation and democratic approaches to trade, technology and a security that provides people on both sides of the Atlantic.
Thanks to the close and enduring ties between the United States and the European Union, we have resolved long-standing bilateral issues, including disagreements over tariffs, and leveraged the strength of our partnership to combat distortion of off-market trade and react quickly. to Putin’s war with unprecedented sanctions and export controls. Building on these successes, the United States and the European Union, home to 780 million people who share democratic values and the world’s largest economic relationship, will advance the TTC’s agenda on a number of policies. and critical economic and technology initiatives designed to strengthen our bilateral economies, address current geopolitical challenges, and update the rules of the global economy.
TTC working groups deepen cooperation between the United States and the EU by expanding access to digital tools for small and medium-sized businesses and securing critical supply chains such as semiconductors. They collaborate closely on emerging technology standards, climate and clean technology goals, data governance and technology platforms, security and competitiveness of information and communication technology services (TICS ), and the misuse of technologies that threaten security and human rights. TTC working groups also coordinate export controls, investment screening and security risks, as well as a range of global trade challenges, including tackling the harmful impact of non-trade and trade-distorting policies and practices. exchanges on technological development and competitiveness in sectors of shared interest. priority. To ensure government dialogues are informed by the broad perspectives of the U.S. and European communities, TTC working groups pursue strong engagement with a wide range of stakeholders, including those from industry, labor organizations, think tanks, non-profit organizations, environmental groups, academics and other members of civil society.
During their ministerial meeting, the co-chairs of the US and EU TTCs reviewed the results generated by the joint working groups and announced key outcomes, including:
- In-depth information exchange on US and EU critical technology exports, with an initial focus on Russia and other potential sanctions evaders, coordination of US and EU licensing policies and cooperation with partners beyond the United States and the European Union;
- Development of a joint roadmap on assessment and measurement tools for trustworthy artificial intelligence and risk management, as well as a joint project on privacy technologies;
- Creation of a Strategic Standardization Information Mechanism (SSI) between the United States and the EU to enable the sharing of information on the development of international standards;
- An early warning system to better predict and address potential disruptions to the semiconductor supply chain as well as a transatlantic approach to semiconductor investment aimed at ensuring security of supply and avoid subsidy races;
- A dedicated working group to promote the use of trusted/non-high-risk ICT vendors by funding deployments in third countries;
- A new framework for cooperation on issues related to information integrity in crises, in particular on digital platforms, with a focus on current issues related to Russian aggression, including the actions of the Russia to manipulate and censor information;
- A stakeholder-focused trade and labor dialogue to discuss policy options to promote internationally recognized labor rights and help workers and businesses succeed in digital and green transitions, stay competitive at scale world and enjoy broad and inclusive prosperity;
- An early dialogue on common trade concerns regarding third country measures or initiatives and an early stage consultation mechanism regarding bilateral obstacles that may disadvantage the transatlantic economy;
- A political dialogue aimed at developing responses to global food security challenges caused by Russian aggression in Ukraine; and
- A US-EU guide to cybersecurity best practices for small and medium-sized businesses, whose operations are disproportionately affected by cyber threats.
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