US, EU Hold Ministerial Meeting On Trade, Technology

(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, Jan 31 (KUNA) -- The US-EU Trade and technology Council (TTC) held its fifth ministerial meeting in Washington, zeroing in on issues of economic security and emerging technologies.
Representing the American side are Secretary of State Antony Blinken, US Secretary of Commerce Gina Raimondo, and US Trade Representative Katherine Tai, while the European side is represented by European Commission Executive Vice-President Margrethe Vestager, European Commission Executive Vice-President Valdis Dombrovskis.
Addressing the meeting held in the US department of state Blinken stated, "We'll be focusing on economic security, on emerging technology, and on locking in achievements in the run-up to what will be really the capstone TTC in Belgium later this year.'
On the issue of economic security, Blinken recognized the necessity of continuing to de-risk economies, diversify supply chains and focus on shared challenges.
He also hailed the meeting as an opportunity to work towards shaping the norms and standards related to use of emerging technology, saying that joint progress has already been made on artificial intelligence.
On her part, Vice-President Margrethe Vestager called the TTC a key to geopolitical agenda saying, "It is constructive; it is committed; it produces results,"
Touching on economic security and semiconductors, Vestager commented that while it is essential for economies it is also essential for geopolitical balances, underscoring that there is still much to do.
Furthermore, an EU statement mentioned that participants in the meeting showcased a desire to increase bilateral trade, investment, as well as cooperate on economic security and emerging technologies.
According to the statement, both sides agreed to continue to explore ways to facilitate trade in goods and technologies that are vital for the green transition, including strengthening the cooperation on conformity assessment.
The EU and the US have also committed to making tangible progress on digital trade tools to reduce the red tape for companies across the Atlantic and to strengthen approaches to investment screening, export controls, outbound investment, and dual-use innovation, read the statement.
The TTC was established back in June 2021 during the US-EU summit held in Brussels with the aim of growing bilateral trade and investment relationship; to avoid new unnecessary technical barriers. (end)
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