FACT SHEET: US, EU Establish Common Principles to Update 21st Century Economy Rules at Inaugural Trade and Technology Council Meeting
Launched by President Joe Biden, President of the European Commission Ursula von der Leyen and President of the European Council Charles Michel at the US-EU summit in June 2021, the Trade and Technology Council held its inaugural meeting in Pittsburgh, Pennsylvania, September 29, 2021. United States The Co-Chairs, Secretary of State Antony Blinken, Secretary of Commerce Gina Raimondo and US Trade Representative Katherine Tai, were joined by EU Co-Chairs, European Commission Executive Vice Presidents Margrethe Vestager and Valdis Dombrovskis to establish common principles to update the rules of the road for a 21st century economy and deliver for our people.
The United States and the EU are home to 780 million people who share democratic values and the world’s greatest economic relationship. We will work together to generate shared economic growth that benefits working families, farmers and ranchers, as well as businesses, with a particular focus on opportunities for small and medium enterprises. At the meeting, the United States and the European Union agreed to coordinate closely on a wide range of critical economic and technological issues over the coming months and achieve concrete results by the next meeting:
- Global trade challenges and tackling non-market practices that distort trade: The United States and the European Union seek to strengthen their competitiveness and technological leadership by developing common strategies to mitigate the impact of non-market practices in their countries and in third countries and by striving to avoid new ones. unnecessary barriers to trade, especially in products and services derived from emerging technologies. We also intend to use our tools to protect workers and labor rights, combat forced labor and child labor, and consult on relevant trade, climate and environmental issues.
- Semiconductor supply chains: The United States and the European Union intend to strengthen cooperation on measures to advance transparency and communication in the semiconductor supply chain and identify gaps, shared vulnerabilities and opportunities to strengthen our national semiconductor R&D and manufacturing ecosystems with a view to improving resilience in the semiconductor supply chain.
- Filtering of investments: The United States and the European Union intend to exchange information on investment trends affecting security, including industry-specific trends, origin of investments and types of transactions, and on best practices in risk analysis and management, with a focus on sensitive technologies and sensitive data.
- Export controls: The United States and the European Union have defined common principles and areas of cooperation in export control, including assistance in building the capacity of third countries to support multilateral export control regimes, prior consultations on current and future legislative and regulatory developments; and the development of convergent control approaches on the use of technologies.
- Artificial Intelligence (AI): The United States and the European Union will develop and implement innovative and trustworthy AI systems that respect universal human rights and shared democratic values, explore cooperation on AI technologies designed to improve protection of privacy and will undertake an economic study examining the impact of AI on the future of our workforce.
The CTT co-chairs instructed the working groups to develop work plans to strengthen our cooperation in other critical areas. This includes encouraging small and medium-sized enterprises (SMEs) to access digital tools, securing critical supply chains, cooperating on emerging technology standards, promoting climate and clean technology goals, governance of data and technological platforms, security and competitiveness of information and communications technologies. , and the misuse of technology threatening security and human rights.
In addition, the first TTC included a meeting with a wide range of stakeholders and we intend to pursue strong engagement with a wide range of stakeholders including, but not limited to, industry, labor organizations, think tanks, non-profit organizations, environmental groups, academics and other members of civil society.