Washington, D.C. hosted the fifth meeting of the EU-US Trade and Technology Council (TTC), where ministers convened to review the progress and set new priorities for transatlantic collaboration. Co-chaired by European Commission Executive Vice-Presidents Margrethe Vestager and Valdis Dombrovskis, US Secretary of State Antony Blinken, US Secretary of Commerce Gina Raimondo, and US Trade Representative Katherine Tai—alongside European Commissioner Thierry Breton—the TTC continues to play a pivotal role in fostering cooperation on trade and technology issues between the European Union and the United States.
With a shared determination to enhance bilateral trade and investment, foster economic security, and advance mutual interests in the digital domain, the participants outlined their commitment to explore avenues for facilitating trade in essential goods and technologies crucial for the green transition. This includes deepening cooperation on conformity assessment, streamlining digital trade tools to alleviate bureaucratic burdens for companies operating across the Atlantic, and reinforcing approaches to investment screening, export controls, outbound investment, and dual-use innovation.
As a testament to their cross-continental partnership, both parties welcomed the International Guiding Principles on Artificial Intelligence and the voluntary Code of Conduct for AI developers adopted in the G7. Furthermore, they agreed to continued collaboration in international AI governance and acknowledged the industry roadmap on 6G, setting forth guiding principles and next steps for developing this critical technology. The meeting also shed light on the progress made in promoting secure connectivity around the world, particularly in relation to 5G networks and undersea cables.
In light of the importance of critical raw materials essential for semiconductor production, the EU and the US intensified their coordination and activated the joint TTC early warning mechanism for semiconductor supply chain disruptions. This followed China’s announcement of controls on gallium and germanium, showcasing the timely and strategic nature of the discussions held. The importance of supporting the legacy semiconductor supply chains was emphasized in a dedicated roundtable during the TTC meeting. Additionally, a report mapping both EU and US approaches to digital identity is currently open for comments and was highlighted in the discussions.
A stakeholder meeting titled “Crafting the Transatlantic Green Marketplace” is scheduled on 31 January, providing a platform for stakeholders to present their views and proposals on bolstering transatlantic supply chains, promoting sustainability, and nurturing resilience. The EU and the US are keen to use this opportunity to further solidify good quality jobs for the green transition through a series of workshops dedicated to enhancing the transatlantic green marketplace, as well as addressing specific areas like the solar supply chain, permanent magnets, and investment screening.
Looking ahead, the next TTC Ministerial meeting is set to take place in spring in Belgium, hosted by the Belgian Presidency of the Council, signifying the sustained commitment to transatlantic cooperation.
The EU-US TTC, launched at the EU-US Summit in Brussels in June 2021, embodies the dedicated forum for both entities to deliberate on strategic trade and technology matters and enhance transatlantic cooperation on issues of mutual interest. The meetings held thus far have paved the way for the establishment of 10 working groups covering significant areas such as technology standards, artificial intelligence, semiconductors, export controls, and global trade challenges.
Overall, the EU and the US continue to strengthen their longstanding geopolitical and trading partnership. The thriving bilateral trade, which exceeded €1.5 trillion in 2022, including over €100 billion of digital trade, attests to the deep and enduring ties between the two entities.
Market Capital Research 