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The EU and the US underline that they wish to “deepen transatlantic trade and economic relations, basing policies on shared democratic values”.
Foreign investment
The EU and the US want to remain open to foreign investment. However, they need to address related risks, through investment screening. Investment screening regimes “should be guided by the principles of non-discrimination, transparency, predictability, proportionality and accountability” as set forth in relevant OECD guidelines.
Export controls
The EU and the US deem necessary to put in place effective controls on trade in dual-use items. They favour a multilateral approach as the most effective solution for export control.
However, export controls should not unduly disrupt strategic supply chains. The EU and the US recognise that, where appropriate and feasible, prior consultations are important to “ensure that the application of export controls is transparent and equitable for EU and US exporters”.
The EU and the US share concerns regarding technology acquisition strategies, including coercive measures, and civil-military fusion policies. This undermines security interests.
A dedicated EU-US virtual outreach event for stakeholders will be held on October 27.
Artificial Intelligence
The EU and the US want to develop AI systems that are innovative and trustworthy and that respect human rights and shared democratic values. The EU and the US have strong concerns regarding social scoring systems.
The EU and the US are in favour of a risk-based approach. The EU notes that the US government is developing an AI Risk Management Framework. The US notes that the EU has a proposal for an AI Act.
The EU and the US will discuss measurement and evaluation tools to assess the technical requirements for trustworthy AI. They will also work on AI technologies designed to enhance privacy protections.
Semiconductors
The EU and the US want to rebalance the global supply chains in semiconductors to strengthen security of supply. This means enhancing respective capacities to design and produce semiconductors, “especially, but not limited to, those with leading-edge capabilities”. The partnership should be of equal interest for both sides.
As a first step, the EU and the US will identify gaps and vulnerabilities, map capacity in the semiconductor value chain and strengthen the domestic semiconductor ecosystems.
The EU and the US also want to avoid a subsidy race and the risk of crowding out private investments.
Global trade challenges
The EU and the US want to address together non-market, trade-distortive policies and practices. They aim to avoid unnecessary barriers to trade in emerging technologies.
The EU and the US also want to protect workers and labour rights, and will tackle climate and environmental issues.
Orientations for the 10 Working Groups
Between the high-level official meetings of the Trade and Technology Council, 10 Working Groups will address specific issues. The Joint Statement sets the general orientations for these Working Groups:
WG 1 – Technology Standards: the EU and the US want to better coordinate their approaches, notably by exchanging information through informal and formal channels. The objective is to defend common interests in international standards activities for critical and emerging technologies.
WG 2 – Climate and Clean Tech: The working group will identify measures to foster climate neutral technologies, including collaboration with third countries. It will also explore tools to calculate embedded greenhouse gas emissions in global trade.
WG 3 – Secure Supply Chains: This working group will focus on semiconductors, clean energy, pharmaceuticals and critical materials. The dedicated track on semiconductor issues will initially focus on short-term supply chain issues.
WG 4 – Information and Communication Technology and Services Security and Competitiveness: The working group will work towards security and resilience across the ICT supply chain for 5G, undersea cables, data centres, cloud infrastructure etc. The working group could also prepare a roadmap for preparing the next generation of communication technologies towards 6G.
WG 5 – Data Governance and Technology: This working group will discuss the risks conveyed by big platforms (illegal content, algorithmic amplification etc).
WG 6 – Misuse of Technology Threatening Security and Human Rights: This working group is tasked to combat arbitrary or unlawful surveillance, including on social media platforms, protect human right defenders etc.
WG 7- Export Controls: This working group will engage in technical consultations on legislative and regulatory developments. It will also promote convergent approaches on sensitive dual-use technologies.
WG 8 – Investment Screening: This working group will focus on exchanging information on investment trends impacting security and best practices. It will organise a joint virtual outreach event for stakeholders.
WG 9 – SMEs: This working group will work on market access barriers for SMEs and the challenges they face regarding access to data and technologies.
WG10 – Global Trade Challenges: This working group will focus on distortive economic policies and practices that create barriers to free market.
If you have any questions on this topic, please do not hesitate to contact Camille Dornier - Policy Manager: camille.dornier@eurosmart.com
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