EU says US trade, tech council to boost its clout, set rules for 21st century

The US Trade and Technology Council and the EU will give the declining EU more influence and set standards and rules for the 21st century, the EU’s trade and digital chiefs said, underscoring global concerns over the rising power of China.

Valdis Dombrovskis and Margrethe Vestager’s comments came before the first TTC meeting in Pittsburgh and as the United States and Europe clashed with China in areas ranging from trade to defense, technology and human rights.

“There is real strategic and geopolitical importance to this new platform as a way of setting standards and rules for the 21st century. Therefore, we need this Council to expand our status, ”Dombrovskis told reporters.

However, Dombrovskis insisted that the platform was not aimed at any particular country.

“TTC is not about any specific third country, it is about cooperation and coordination in a number of political areas between the United States and the EU,” he said.

The Council’s 10 working groups will focus on technology standards, green technology, supply chain security, data governance, export controls, investment analysis and global trade issues, among others.

All of these areas are key for the EU, Vestager said.

“What we have achieved is a package that covers, I think, both offensive and defensive interests,” he told reporters.

Dombrovskis said French fury over Australia’s decision to scrap a successful $ 40 billion submarine deal for a superior one with the UK and US allies should not divert the EU from its long-term interests.

“We are allies, partners and friends, and yes, friends can easily make mistakes from time to time and we have seen it in recent weeks, but we knew that this issue should not cloud our judgment on our strategic alliances,” he said.

US Secretary of State Antony Blinken, Commerce Secretary Gina Raimondo and Trade Representative Katherine Tai will co-chair the meeting with Dombrovskis and Vestager.

The EU hopes to hold a second meeting next spring in Belgium.

The Platform Executive team hopes you enjoyed the article ‘EU Says US Trade, Tech Tip To Increase Your Influence, Set Rules For The 21st Century’. Machine translation from English to a growing list of languages ​​via Google AI Cloud Translation. Initial reports through our official content partners at Thomson Reuters. Report from Foo Yun Chee. Edited by Catherine Evans.

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