The US and Europe are scheduled to announce a new joint initiative called the US-EU Trade and Technology Council on June 15.
|Leaders of G7 countries and guests at the opening ceremony of the G7 Summit held in Cornwall, England on June 11. Photo: AFP|
The US-EU New Technology and Trade Council is the latest effort by US President Joe Biden’s administration to leverage the combined economic strength of the US and Europe to better compete with China.
The US-EU Trade and Technology Council sets out three overarching goals, including: setting new global trade standards for emerging technologies; promote democratic values online; and propose solutions for the two sides to cooperate in research and development activities.
Besides, 4 other specific goals are also set for this council, which includes: unifying standards on new technologies such as artificial intelligence, quantum computing, and biotechnology; develop a more flexible supply chain and less dependence on China; pursue reforms at the World Trade Organization; regulate technology platforms.
The end result will be that “democracies and not anyone else, not China or other autocracies, will set the rules of commerce and technology for the twenty-first century”, trying to US national security adviser Jake Sullivan emphasized at a recent press conference.
On the US side, the panel will be co-chaired by Secretary of State Antony Blinken, Commerce Secretary Gina Raimondo and Ambassador Katherine Tai, US Trade Representative, said an unnamed Biden administration official.
According to CNBC, the past decade has seen China pour large-scale public investments into technology development. As a result, the digital economy and the internet are being controlled by the Chinese state. However, personal censorship is widespread, foreign websites are blocked in China if they refuse to censor sensitive topics, and private sector software can be seized for service. state interests.
In addition, China is equally fierce in protecting the domestic market, especially by requiring foreign companies that want to operate in China to cooperate with domestic companies and transfer their rights. Intellectual Property.
“Dealing with China’s non-market practices, economic abuses and efforts to shape the rules on the way to technology development for the 21st century will be an important part of this council’s work. (US – EU – BTV Council for Trade and Technology)”, a White House official said.
Last weekend, President Biden and the rest of the G7 leaders announced the formation of a global infrastructure initiative called “Building a Better World”. This multi-billion dollar plan of the G7 is seen as a counterweight to China’s “Belt and Road” initiative.
While, an urgent issue between the EU and the US is aluminum and steel tariffs, are not expected to have results in the meetings of the two sides on June 15.
Previously, the administration of former US President Donald Trump imposed punitive tariffs on EU aluminum and steel products in 2018, citing “national security”. However, European officials say the impetus for the levy is protectionism, not national security.
President Biden gave the green light that he was ready to lift tariffs on EU steel and aluminum, and in May trade negotiators from both sides kicked off talks in hopes of resolving the issue. this issue later this year.
“Negotiations between the two sides are ongoing and highly constructive, but it will take some time,” a Biden administration official said. “So I don’t expect any results on tariffs this week,” he added.
After meetings with the EU on June 15, President Biden will travel to Geneva, where he is scheduled to take part in a much-anticipated summit with Russian President Vladimir Putin on June 16.