The first consultations with the newly established US-EU Trade and Technology Council (TTC) paid off. Both sides will guarantee the availability of adequate processors, increase control over the export of sensitive technology and take steps to regulate large technology.
The first TTC meeting took place in Pittsburgh, USA. Commissioners Valdis Dombrovsky (trade) and Vestager (competition) took part in the discussions on behalf of the European Union. US Secretary of State Blinken represented.
In consultation, both parties agreed, among other things, to resolve the current shortage of computer chips quickly. In A statement Both the European Union and the United States say they want to tackle the supply problem in the short term. After that, they want to focus on dealing with vulnerabilities in the long run and strengthening their own ecosystems surrounding chip production.
Another area of acknowledgment is the strict restrictions on investing in technology companies in both regions and the important technology exports that can be used for many purposes. In particular, it is about how to limit China’s power, which is not explicitly mentioned. This report talks about protecting both markets from unfair trade practices and economies that do not have a free market, which threatens the global trade system.
Great technical regulation
The DTC meeting addressed the question of how both sides can impose more control over Big Tech. With these regulations, technology companies must soon comply with laws and regulations that are valid on both sides of the Atlantic and meet stringent requirements.
No firm agreements have yet been reached on the matter, but both sides have openly stated their intention to do so. Especially to combat misinformation, product security, counterfeit goods and other harmful content.
The remaining appointments
Apart from these politically important points, both parties agreed to further cooperate in the field of AI development. It is not yet known what this collaboration will look like.
All projects and many more are now being prepared in ten different workgroups. The second TTC summit is set to take place in Brussels in the spring.
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