Trade and Technology Council: An Important Step for the Transatlantic Partnership
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On September 29, 2021, the EU and the U.S. formalized their cooperation on emerging trade and technology issues, following an inaugural Trade and Technology Council (TTC) summit in Pittsburgh, Pennsylvania. The two sides agreed on areas for common action and their attention must now turn to producing swift results to strengthen the world’s largest trade and investment relationship.
In a joint statement, the EU and U.S. reaffirmed the TTC's objectives to: coordinate approaches to key global technology, economic, and trade issues; and to deepen transatlantic trade and economic relations, basing policies on shared democratic values. Notable outcomes include, ensuring a multilateral approach and the continuation of rules-based trade, investment screening, export controls artificial intelligence, semiconductors, supply-chain resilience, other global trade challenges and barriers to trade.
Reflecting on this, Peter Dahlen, Managing Director of the American Chamber of Commerce in Sweden said, “The first meeting of the Trade and Technology Council is an important step forward for the transatlantic partnership. This platform will allow us to team up to tackle new and emerging trade issues together.”
Engagement with industry and wider society will be critical to the success of the TTC. Regular exchanges with all parts of society, including the business community, academia, labor representatives, and other constituencies will determine the capacity of the Council to deliver jobs, prosperity, and smoother trade relations within the transatlantic area and beyond. This must form part of the workstreams of the Council’s various working groups.
We at AmCham Sweden look forward to a continued transatlantic dialogue in cooperation with our members to ensure further cooperation and innovation for the people of Sweden, the EU, and the U.S.