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Trade and Technology Council
What is the Trade and Technology Council?
The Trade and Technology Council (TTC) was the culmination of the EU-US Summit in June 2021, which underscored the determination of the EU and the US to shape the global economy’s future direction around the values of democracy, rule of law, open trade and fair competition. The announcement of the TTC took place alongside the creation of other forums for coordination such as the High-Level Climate Action Group, the Green Tech Alliance and the Vaccines Task Force. Through the creation of the TTC, the EU and the US can work together to tackle new and emerging issues that arise from the transformation of our economies, including the pervasive impact of new technologies, the digitisation of trade and supply-chain resilience.
The transatlantic economy matters
The transatlantic economy is the largest, most prosperous and most innovative commercial artery in the world – and it continues to grow.
The EU and the US have a key role to play as champions of multilateralism, upholding shared values such as democracy and the defence of human rights across the Atlantic. Transatlantic leadership is critical to finding common solutions to global challenges.
Outstanding issues to address
Continue to engage as policymakers lay out the remaining details of the new framework for transatlantic data flows. This mechanism will replace the Privacy Shield, which had proven to be an important tool for over 5,000 small and large companies to transfer personal data across the Atlantic.
The EU and the US will meet in Paris on 15-16 May to hold the second Trade and Technology Council summit. Throughout the discussions, transatlantic policymakers should aim to foster transparency and stakeholder engagement, outline roadmaps and clear deliverables as well as prioritise outcomes with concrete impact.
Why we need the 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.
What business wants from the TTC
The Trade and Technology Council must serve as a sustainable mechanism for the EU and the US to engage with each other and build trust. With the establishment of the TTC, there is a forum in place to proactively address specific issues as soon as they arise. It can also be a platform for both sides to be more forward-looking and shape global standards according to their common values. Read our priorities for each of the working groups:
Process also matters. AmCham EU calls for:
- Work programmes for each working group with clear priorities and deliverables that are tied to a timeline and respond to the geo-political context and international pressures faced by the EU and US.
- A clear understanding of the architecture of the working groups and how their workstreams will interact with already existing groups and forums.
- A transparent and open stakeholder engagement mechanism that will ensure outcomes are supported and validated by the business community.
- Appropriate resource allocation to ensure timelines are respected and outcomes are achieved.
- Sustained engagement at the highest levels to provide political vision and direction.
AmCham EU reaction to inaugural summit
The inaugural Trade and Technology Council summit took place in Pittsburgh on Wednesday, 29 September 2021. The EU and the US agreed on areas for common action including common standards, supply chain resilience and WTO reform, among others.
See full joint statement from the inaugural TTC summit.