Businesses welcome strengthening of cooperation within the EU-US Trade and Technology Council

The recent EU-US Trade and Technology Council held in mid-May in Paris reaffirmed the close transatlantic partnership in trade and technology, particularly in relation to the reconstruction of Ukraine, the strengthening of cooperation to promote the integrity of information in crisis situations, the joint enforcement of internationally recognised labour law, and the introduction of export controls on advanced technologies to undermine Russia’s ability to further develop its industrial and military capabilities.

The US and EU discussed, among other things, the supply chain security and the strengthening of supply chain resilience. The two sides also discussed joint public funding of digital projects in third countries, standardization in areas such as AI, additive manufacturing, materials recycling, and the Internet of Things.

The EU and the US also reaffirmed their support for an open, global, interoperable, reliable and secure Internet and an agreement on platform governance. In the area of SME access to technology, the partners discussed ways how SMEs can achieve a better level of cybersecurity and benefit from simplified regulatory approvals and access to new export markets. On environment and climate, the two sides will work together on green public procurement and on developing common methodologies for determining carbon footprints.

On potential trade barriers, the ministers agreed to increase transatlantic trade and investment, particularly in the areas of public procurement, conformity assessment, and to exchange information on potential new trade barriers both bilaterally and in relation to third countries. European businesses are pleased to see the dialogue between the two sides developing and appreciate, for example, the progress towards a final resolution of disputes concerning large civil aircraft and steel and aluminium, the coordination of exports from the EU to the US and vice versa, and the promotion of energy and food security.

Businesses also appreciate that ending Europe’s dependence on energy resources from Russia is a shared priority between the US and the EU. Business leaders expect US-EU cooperation to address restrictive measures by third countries, including in particular Chinese anti-competitive market practices, and to increase investment in AI research, 6G technologies and semiconductor manufacturing.