The European Union (EU) and US reaffirmed a commitment to build partnerships aimed at rebalancing global semiconductor supply chains and collaborate to lead development in the segment, while also pledging to work together to regulate the big tech sector.
In the first meeting of the recently-formed EU-US Trade and Technology Council (TTC), numerous objectives to coordinate approaches on key technology issues were up for discussion.
Semiconductors were identified as a top priority during the meeting, which was co-chaired by high-ranking officials including European Commission EVP Margrethe Vestager.
In an inaugural statement, the TTC explained the US and EU would work to enhance security of supplies and their respective capacity to design and produce semiconductors, “especially, but not limited to, those with cutting-edge capabilities”.
The partnership would be balanced and of equal interest to both sides, while they further underlined the importance of working together to identify gaps in the value chain and strengthening domestic markets.
Addressing a current chip shortage, the group detailed an inital focus on short-term supply chain issues, with longer term goals to be defined at a future meeting.
AI, regulation, China
TTC also agreed joint development of AI platforms, and cooperation on screening investments and export controls covering sensitive technologies.
The group added it planned to engage with tech giants to improve data practices.
“We are committed to transatlantic cooperation regarding platform policies that focus on disinformation, product safety, counterfeit products, and other harmful content.”
While TTC did not specifically mention the threat posed by China, the message was clear.
“We stand together to protect our businesses, consumers and workers from unfair trade practices, in particular those posed by non-market economies that are undermining the world trading system.”Subscribe to our daily newsletter Back