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EU-US Trade and Technology Council

The United States-European Union Trade and Technology Council (US Department of State)

“We renewed our engagement with the European Union, a fundamental partner in tackling the full range of significant issues facing our world today.”

– President Joseph R. Biden, September 21, 2021

Secretary Antony J. Blinken is travelling to Pittsburgh, Pennsylvania, September 29-30, where he will co-chair the inaugural meeting of the U.S.-EU Trade and Technology Council (TTC) with Secretary of Commerce Gina Raimondo, United States Trade Representative Katherine Tai, and European Commission Executive Vice Presidents Margrethe Vestager and Valdis Dombrovskis.  They will explore mechanisms to expand and deepen transatlantic trade and investment.  They will also discuss ways to update the rules for the 21st century economy to ensure trade and technology policies support broad-based growth in both economies and are consistent with our shared democratic values.

The United States and the European Union (EU) are Close Partners and Allies

  • The U.S.-EU relationship is built on a foundation formed by our shared values, including democratic governance, fair competition based on market principles, the rule of law, respect for human rights, and inclusive growth.
  • Together, the United States and the EU account for a quarter of global trade and almost half of global GDP. Our deep economic relationship is a tremendous driver of economic prosperity for citizens on both sides.
  • U.S.-EU two-way trade in goods and services amounted to $1.1 trillion in 2019.
  • As of 2019, the European Union’s direct investment in the United States totaled $2.871 trillion, while U.S. direct investment in the European Union was $3.572 trillion.
  • As of 2019, U.S. jobs tied to EU direct investment in the United States totaled 5 million, while 4.9 million EU jobs were tied to U.S. direct investment in the European Union.

The TTC Will Promote Trade and Technology Policies Based on Shared U.S.-EU Democratic Values

  • President Biden and European Commission President Ursula von der Leyen announced the U.S.-EU TTC at the U.S.-EU Summit in June 2021.
  • The TTC’s ten working groups provide a framework for tackling challenges and advancing work aligned with some of our shared trade and technology priorities such as cooperation on technology standards, global trade challenges and supply chain security, climate and clean technology, ICT security and competitiveness, data governance and technology platforms, the misuse of technology threatening security and human rights, export controls, investment screening, and access to, and use of, digital technologies by small and medium enterprises.
  • The goals of the TTC are to promote shared economic growth that benefits workers, the middle class and lower income people, and businesses with a particular focus on opportunities for small and medium-sized enterprises. The TTC will also serve as a vehicle to help fight the climate crisis and protect our businesses, consumers, and workers, and tackle unfair trade practices around the world, in particular those posed by non-market economies.
  • The United States and European Union will highlight the importance of engaging with stakeholders to ensure that the government dialogues are informed by the broad perspectives of the U.S. and EU communities.
  • The United States and European Union are indispensable partners in addressing global challenges and we must agree to work together to ensure that trade and technology policies are based on our shared democratic values and deliver for all of our citizens.
  • The United States looks forward to strengthening cooperation with the European Union, building on the world’s largest economic relationship to develop policies that support broad-based, inclusive growth in both economies.
Categorie
EU-US Trade and Technology Council Europe USA

The EU-US Trade and Technology Council : mapping the challenges and opportunities for transatlantic cooperation on trade, climate and digital (Andreas Aktoudianakis, Guillaume Van der Loo, Thijs Vandenbussche, EGMONT)

The EU-US Summit on 15 June 2021 marked the beginning of a renewed transatlantic partnership and set an ambitious joint agenda for EU-US cooperation post-COVID-19. The new Biden administration offers the EU the opportunity to re-establish transatlantic relations, which reached their lowest point since World War II under the turbulent Trump administration, and to address the bilateral disputes and tensions that have emerged, partly as a result of Trump’s ‘America First’ policies. One of the key deliverables of the Summit was the establishment of the EU-US Trade and Technology Council (TTC). The TTC aims to deepen EU-US relations on trade and investment and to avoid new technical barriers to trade by cooperating on key policies such as technology, digital policy issues and supply chains. Despite the optimism in Brussels and Washington about renewing and strengthening transalantic cooperation, there are several challenges for EU-US cooperation. In the areas of trade, digital and climate in particular several differing views or outstanding disputes (most of them inherited by the Trump administration) will need to be addressed by the new TTC (the first meeting is scheduled on 29-30 September 2021) or other joint bodies. Only then will the EU and the US be able to deliver on the new ambitious transatlantic agenda. This paper will therefore discuss the key challenges and opportunities for EU-US cooperation in the three interrelated areas of trade, digital and climate. For each of these areas, the outcome of the June 2021 EU-US Summit will be discussed and the challenges and opportunities for delivering on the renewed transatlantic agenda will be analysed. Moreover, this paper will present several policy recommendations, for the TTC or on EU-US cooperation in general, on how to advance the transatlantic partnership.

The EU-US Trade and Technology Council : mapping the challenges and opportunities for transatlantic cooperation on trade, climate and digital – Egmont Institute