Washington DC, 5 April 2023 (TDI): The United States (US) Trade Representative, Ambassador Tai released a statement about the upcoming 4th Trade and Technology Council (TTC) meeting between the US and the European Union (EU).
The 🇺🇸 – 🇪🇺 Trade and Technology Council is a lynchpin in our strengthened transatlantic relationship.
I’m excited for the 4th TTC meeting with @VDombrovskis, @vestager, @SecBlinken, and @SecRaimondo in Sweden on May 30th!
— Ambassador Katherine Tai (@AmbassadorTai) April 3, 2023
Scheduled for 30th May 2023 in Sweden, this meeting is expected to be a key moment in strengthening the transatlantic relationship. Ambassador Tai emphasized that the TTC is a lynchpin in the partnership between the US and the EU.
To mention, President Biden, European Commission President, Ursula von der Leyen, and European Council President, Charles Michel established the US-EU Trade and Technology Council (TTC) at the June 2021 US-EU Summit.
The purpose was to advance transatlantic cooperation and democratic approaches to trade, technology, and security, with the goal of delivering benefits for people on both sides of the Atlantic.
Through the TTC, the US and the EU have been working together to address common challenges, including intellectual property protection, supply chain resilience, and digital governance.
The 4th TTC meeting promises to be an important milestone in the partnership. The upcoming TTC meeting in Sweden is expected to be attended by high-level officials from both sides.
It will include Valdis Dombrovskis, Executive Vice President of the European Commission for Economy, and Margrethe Vestager, Commissioner for Competition.
Also expected to attend are Antony Blinken, US Secretary of State, and Gina Raimondo, US Secretary of Commerce.
These officials will engage in discussions on a range of important topics, including data protection, cybersecurity, and emerging technologies such as artificial intelligence and quantum computing.
In her statement, Ambassador Tai noted that the TTC has already achieved significant progress in promoting transatlantic cooperation on key issues.
For example, the TTC has established a working group on artificial intelligence to share best practices and develop common standards.
Additionally, the TTC has launched a joint initiative to strengthen supply chain resilience and reduce dependencies on third-world countries.
Looking forward to the upcoming meeting, Ambassador Tai expressed optimism that the US and the EU would continue to work together to promote a fair and open global trading system, one that is based on high standards and shared values.
The upcoming meeting, she noted, is an opportunity to build on the progress achieved so far and to explore new ways to deepen the partnership between the two economic powers.
US-EU collaboration on trade and technology
The EU-US Trade and Technology Council (TTC) has been making significant strides in strengthening transatlantic cooperation and addressing common challenges in trade and technology.
With three high-level political meetings under its belt, the TTC has been actively working through 10 working groups to promote joint initiatives on technology standards, secure supply chains, tech regulation, and more.
The TTC’s latest meeting agenda was influenced by the US Inflation Reduction Act (IRA), which has been a topic of concern among some EU members.
These members worry about the potential risks of businesses relocating to the US in pursuit of the generous subsidies, grants, and tax credits offered by the newly adopted act.
Nonetheless, the TTC remains committed to promoting a fair and open global trading system based on high standards and shared values.
While some observers question whether the TTC should focus more on major bilateral trade irritants, all agree that the next meeting, set to take place in Sweden in May 2023, must produce tangible results if the TTC is to remain relevant and maintain momentum.
The TTC has already made significant progress in areas such as artificial intelligence standards, global connectivity, and sustainable trade, and it is hoped that the upcoming meeting will build on this progress to promote even greater transatlantic cooperation.
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