On December 5, EU and US leaders met in Maryland, United States for the third ministerial meeting of the Trade and Technology Council (TTC). They outlined an ambitious list of deliverables in a range of areas, including artificial intelligence, standards, quantum, digital infrastructure and connectivity in third countries, semiconductor supply chain resilience, vaccines, skills and sustainable trade. The main message conveyed in the U.S. Chamber of Commerce statement following the Ministerial.

The 3rd Ministerial yielded some outcomes related to the priorities outlined in the U.S. Chamber of Commerce joint statement with BusinessEurope, but none with significant near-term commercial upsides.

Commenting on the outcomes of the ministerial, Susan Danger, CEO of AmCham EU, said: ‘We applaud the EU and the U.S. for their commitment and political leadership in delivering tangible outcomes. Advancing cooperation in these strategic areas is critical to strengthening the transatlantic economy and tackling global challenges. We also continue to encourage regular dialogue with stakeholders between the ministerial meetings to ensure the effectiveness of the TTC."

What was announced:

• A joint roadmap outlining approaches to enable trustworthy Artificial Intelligence
• New U.S.-EU investments in secure telecom infrastructure in Jamaica and Kenya – a response of sorts to China’s Belt and Road Initiative
• Agreement to coordinate on standards development for EV charging infrastructure for passenger vehicles and heavy-duty trucks
• A new early warning system to identify semiconductor supply chain challenges
• Increased transparency and coordination of incentive programs for semiconductor R&D and production
• Commitment to work with business and labor on eradicating forced labor from global supply chains (more on “Trade and Labor Dialogue” below)·
• Establishment of new task forces:
  • A “Transatlantic Initiative on Sustainable Trade” focused on expanding trade in sustainable goods and clean technologies
  • A “Talent for Growth Initiative” will focus on apprenticeships and best practice sharing between business, labor, and governments to enhance workers' digital skills

Why we need TTC:

• Strengthens the economic ability to create more jobs and support the recovery.
• Amplifies the influence of the transatlantic partnership by identifying novel regulatory approaches to emerging technologies.
• Addresses potential for kinks in trade relationship in a proactive manner.
• Demonstrates the renewed cooperative spirit on both sides of the Atlantic.
• Ensures governance of new technologies according to the fundamental principles that we hold dear: individual rights to dignity, liberty, privacy and security.
• Leverages transatlantic partnership to safeguard multilateralism.
• Opens up new avenues for multilateral cooperation on the role of technologies in furthering the environmental and sustainability agenda.

Further reading:

• AmCham EU’s priorities for the TTC
• Third Ministerial Joint Statement
• TTC Outcomes Fact Sheet
• TALD Summary and Press Statement from USTR
• Chamber Press Statement
• Chamber-BusinessEurope TTC Priorities

Sources: www.amchameu.eu; www.uschamber.com