February 21, 2024

Taylor Daily Press

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US and Europe Trade and Technology Cooperation Pledge Economy

US and Europe Trade and Technology Cooperation Pledge Economy

The United States and the European Union have agreed to work closely together to formulate rules and standards surrounding important technologies. They want to better integrate to deal with important business issues. The economic power camps promised this at the inaugural meeting of a new cooperative body.

The US-EU Trade and Technology Council (DTC) met for the first time in Pittsburgh on Wednesday. During the meeting it was explained how cooperation will take place. These include hostile foreign investment, export restrictions and artificial intelligence. The safety of semiconductor supply chains was also on the agenda.

“We will continue to work together to protect our businesses, consumers and employees from unfair trade practices, especially in non-market economic countries that undermine the global trade system,” the parties said in a joint statement.

TTC was launched this summer by US President Joe Biden and European Commission President Ursula van der Leyen. On the US side, Secretary of State Anthony Blinken, Secretary of Commerce Gina Raimondo and the mother of Trade Ambassador Catherine attended. For the EU, the Vice Presidents of the European Commission, Valdis Dombrovsky and Margaret Vestager, sat at the table. EU Ambassador to the United States Stavros Lambrinitis was present.

Sensitive technologies

Prior to the meeting, Dombrovsky said that PowerBlocks should work with key technologies in the United States, especially to ensure that they do not fall into the wrong hands. Combining forces should protect economies and companies against risky investments. This agreement is also necessary to control important technologies in the future.

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Although China is not directly mentioned in the report, many things on the agenda of the meeting seem to focus on Beijing. Then there is the discussion of non-market policies that undermine trade. The report also explicitly stated that human rights were upheld.