The U.S. and the European Union are ramping up efforts to cooperate on trade and economic issues and have quickly established the U.S.-EU Trade and Technology Council as the primary forum for doing so.
Following the second ministerial meeting of the TTC held May 15-16 in Paris, the two sides said the following measures have already been taken (a joint statement with a more comprehensive list of work under the TTC can be found here).
- deepened information exchange on exports of critical U.S. and EU technology, with an initial
focus on Russia and other potential sanctions evaders, coordination of U.S. and EU licensing policies, and cooperation with other partners
- developed an early alert dialogue on shared trade concerns regarding third-country measures or initiatives and a mechanism to consult each other at an early stage on measures or initiatives that could pose significant non-tariff trade barriers for either side
- established a trade and labor dialogue with the private sector to discuss policy options to promote internationally-recognized labor rights, including the eradication of forced and child labor, and to help workers and firms make successful digital and green transitions, remain globally competitive, and enjoy broad and inclusive prosperity
- developed an early warning and monitoring mechanism to better predict and address potential semiconductor supply chain disruptions as well as a transatlantic approach to semiconductor investment aimed at ensuring security of supply and avoiding subsidy races
- established a strategic standardization information mechanism to foster the development of aligned and interoperable technical standards in areas of shared strategic interest such as artificial intelligence, 3-D printing, materials recycling, and the Internet of Things
- discussed the role trade can play in facilitating the dissemination of environmental goods and services
In addition, the two sides anticipate taking concrete actions ahead of the next TTC meeting (scheduled for later this year in the U.S.) on a variety of issues, including supply chain pressures in key sectors, export restrictions, investment screening reporting, and trade responses to non-market policies and practices.
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