The European Union and the United States are working together to detect the shortage of semiconductors (chips) in advance. In this way, they want to make their economies more resilient to supply chain disruptions.
In Paris on Monday, the European Commission met with the US government for the second time at the Council on Trade and Technology (DCC), which was established in June 2021 during US President Joe Biden’s visit to Brussels. This forum provides an opportunity for the EU and the United States to discuss how Western market economies can be at the forefront of world trade turmoil and how to maintain democratic values in the midst of lightning fast technological evolution.
At a summit in the French capital, it was agreed that the United States and the European Union would like to change their supply chains to withstand obstacles ranging from raw materials to semiconductors. For those chips, an early warning system will be put in place to indicate an impending shortage. Brussels and Washington also agreed that the government would not provide anti-competitive assistance to the chipmakers.
The meeting proved to Theory Breton, the European Commissioner for the domestic market, that the EU and the United States are serious about defending their common interests and values. “This is an important moment for the TTC as the Atlantic Overseas Dialogue has turned out to be a decisive one.” In addition to Bretton, EU Vice Presidents Valdis Dombrovsky and Margaret Vestager also took part in the consultation. Secretary of State Anthony Blingen, Minister of Commerce Gina Raymondo and Trade Ambassador Catherine Toy attended the US meeting.
The two sides agreed to jointly set global standards for new technologies of strategic importance, such as artificial intelligence (AI), recycling and the Internet of Things. European Parliamentarian Geert Bourgeois (N-VA) calls it “of great geopolitical significance.”