Brussels: Europe and the Arabs
The European Union and the United States held the fifth meeting of the EU-US Technology and Trade Council (TTC) in Washington, DC. According to a statement distributed in Brussels late on Tuesday evening, the meeting allowed ministers to evaluate the progress of the TTC’s work and provide political guidance on key issues. Priorities for the next TTC Ministerial Meeting, to be held in Belgium in the spring.
The TTC meetings are the main forum for close cooperation on transatlantic trade and technology issues. It was co-chaired by European Commission Executive Vice President Margrethe Vestager, European Commission Executive Vice President Valdis Dombrovskis, US Secretary of State Antony Blinken, US Commerce Secretary Gina Raimondo, and US Trade Representative Katherine Tai, joined by European Commissioner Thierry. Britton.
Participants demonstrated a strong and shared desire to further increase bilateral trade and investment, cooperate on economic security and emerging technologies, and advance common interests in the digital environment. On the sidelines of the TTC meeting, the two sides agreed to further explore ways to facilitate trade in goods and technologies that are vital to the green transition, including through strengthening cooperation in conformity assessment. The European Union and the United States also committed to making tangible progress on digital trade tools to reduce red tape faced by transatlantic businesses and strengthen our approaches to investment screening, export controls, investment abroad, and dual-use innovation.
Following their commitment at the recent TTC Ministerial Meeting, the EU and the US welcomed the International Guidelines on Artificial Intelligence (AI) and the Voluntary Code of Conduct for AI Developers adopted at the G7 and agreed to continue cooperation on international AI governance. The two parties also welcomed the industry roadmap for the 6G network, which sets out guidelines and next steps for the development of this vital technology. They also assessed progress made in supporting secure connectivity around the world, particularly for 5G networks and submarine cables.
The European Union and the United States are also working to intensify their coordination on the availability of critical raw materials for semiconductor production, after activating the TTC's joint early warning mechanism for semiconductor supply chain disruptions, following China's announced controls on gallium and germanium. They continued to exchange information on public support for investments made under EU and US chip laws. A semiconductor supply chain roundtable was held on the sidelines of the TTC conference, focusing on developments and potential collaboration in legacy semiconductor supply chains. Finally, the EU and US discussed a report mapping EU and US approaches to digital identity, which is currently open for comments.
At the Stakeholder Meeting on Shaping the Transatlantic Green Market, which will be held on January 31, stakeholders will present their views and proposals on how to make transatlantic supply chains stronger, more sustainable and more resilient. A series of workshops will be held to promote the transatlantic green market and promote good job opportunities for the green transition, as well as workshops on solar supply chain, permanent magnet and investment screening.
The two sides agreed that the next TTC ministerial meeting will be held in the spring in Belgium, hosted by the Belgian Presidency of the Council.
European Commission President Ursula von der Leyen and US President Joe Biden launched the EU-US TTC at the EU-US summit in Brussels in June 2021. The TTC serves as a forum for the EU and the US to discuss and coordinate trade and key partnerships. Technology issues, and deepening transatlantic cooperation on issues of common interest.
The TTC's inaugural meeting was held in Pittsburgh on September 29, 2021. Following this meeting, 10 working groups were established covering issues such as technology standards, artificial intelligence, semiconductors, export controls, and global trade challenges. This was followed by a second summit in Paris on May 16, 2022, a third summit in College Park, Maryland, in December 2022, and a fourth summit in Lulea, Sweden, in May 2023.
The European Union and the United States remain major geopolitical and trading partners. Bilateral trade between the EU and the United States has reached historic levels, reaching more than €1.5 trillion in 2022, including more than €100 billion from digital trade.