Trade and Technology Council between US and EU to Boost Europe’s Clout

The EU’s trade and digital chiefs said the US-EU Trade and Technology Council (TTC) will offer Europe more leverage and define norms and rules for the twenty-first century, emphasizing global fears about China’s growing dominance.

Valdis Dombrovskis and Margrethe Vestager made their remarks ahead of the first TTC meeting on Wednesday in Pittsburgh, and as the US and Europe compete with China on issues ranging from trade to defense to technology and human rights.

This new platform, according to Dombrovskis, has significant strategic and geopolitical significance as a means of establishing standards and rules for the twenty-first century. 

However, Dombrovskis stressed that the platform was not aimed at any specific country.

Technology standards, green technology, supply-chain security, data governance, export controls, investment screening, and global trade challenges will be among the topics addressed by the Council’s ten working groups.

All of these areas are critical for the EU, according to Vestager.

France’s outrage over Australia’s decision to reject a $40 billion submarine deal in favour of one with the US and Britain, according to Dombrovskis, should not distract the EU from its long-term interests.