College Park, 6 December 2022 (TDI): The third ministerial meeting of the United States (US) and European Union (EU) Trade and Technology Council (TTC) took place on Monday. It took place at the University of Maryland, in College Park.
It's great to be in the U.S. for the 3rd meeting of 🇪🇺-🇺🇸 Trade & Technology Council.
A special pleasure for me to be back at @UofMaryland, my alma mater, where I studied in the 1990s.
— Valdis Dombrovskis (@VDombrovskis) December 5, 2022
The aim of the council was to discuss geopolitical initiatives spanning Russia and China’s diplomatic efforts and digital trade agreements.
The meeting was co-chaired by US Secretary of State Antony Blinken, European Commission Executive Vice President Margrethe Vestager, and European Commission Executive Vice President Valdis Dombrovskis.
US Secretary of Commerce Gina Raimondo and Trade Representative Katherine Tai were also present. Jamaica Minister for Information Communication Technology Floyd Green, and Kenya Cabinet Secretary for Information, Eliud Owalo joined them.
Joint Statement by US & EU
After the meeting, a joint statement was released by US and EU sides. It states, “We reaffirm that international rules-based approaches to trade, technology, and innovation that are founded on solid democratic principles.”
The 3rd 🇪🇺🇺🇸 Trade & Technology Council #TTC meets today at @UofMaryland. What does it do?
🔹Ensures that trade+tech serve our societies while upholding common values
🔹Strengthens our tech+industrial leadership
🔹Expands bilateral trade+investment
More: https://t.co/MLoSrGNwo5 pic.twitter.com/3HoGADekgI
— EU in the U.S. (@EUintheUS) December 5, 2022
“It can improve the lives of our citizens and generate greater prosperity for people around the world.” The statement continued.
“We underline the TTC’s role in achieving a mutual initiative of green transition with strong, secure, and diverse supply chains. It would benefit businesses, workers, and consumers on both sides of the Atlantic,” it was reiterated in the statement.
The European leaders have expressed apprehensions regarding the US Inflation Reduction Act which offers about €357 billion in new and extended tax credits. EU fears that the subsidies would be an enormous setback for European companies.
In this vein, Antony Blinken made the point that Washington formed a task team immediately to address the EU’s worries as it learned about them.
At the TTC working lunch, we discussed the Inflation Reduction Act. The United States and Europe can create good paying jobs and tackle the climate crisis — and not at each other’s expense.
— Secretary Antony Blinken (@SecBlinken) December 5, 2022
Blinken added, “I’m convinced that we’re continuing to give momentum to that conversation and to working through the differences by setting up a task force.”
EU Commissioner Vestager agreed, saying Monday’s discussion was “really helpful to show that there is a real concern.
“The discussions that we have had today, are of critical importance to enhance the relationship. We can achieve it within the framework of the Trade and Technology Council.” Vestager continued.
She concluded by appreciating Washington’s commitment to fighting climate change and declared it a great initiative.