European Union and United States adopt new chip technical and cooperation rules
Initial consultations with the new US-EU Trade and Technology Council (TTC) have paid off. The two sides will ensure the availability of adequate processors, strengthen controls on the export of sensitive technologies and take measures to regulate major technologies.
The first TTC meeting was held in Pittsburgh, USA. Commissioners Valdis Dombrovsky (trade) and Vestager (competition) participated in the discussions on behalf of the European Union. US Secretary of State Blinken was represented.
In consultation, the two sides agreed, among other things, to quickly resolve the current shortage of computer chips. 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 managing long-term vulnerabilities and strengthening their own ecosystems surrounding chip production.
Another area of recognition is the strict restrictions on investment in technology companies in the two regions and the significant technology exports which can be used for many purposes. This includes how to limit the power of China, which is not explicitly mentioned. This report talks about protecting both markets from unfair trading practices and economies that do not have a free market, which threatens the global trading system.
Large technical regulations
The DTC meeting addressed the question of how the two sides can impose more control over Big Tech. With these regulations, tech companies will soon have to comply with laws and regulations that are valid on both sides of the Atlantic and meet strict requirements.
No firm agreement has yet been reached on the issue, but both sides have openly declared their intention to do so. Mainly to fight disinformation, product safety, counterfeit products and other harmful content.
The other meetings
In addition to these politically important points, the two sides agreed to continue their cooperation in the field of AI development. We do not yet know what this collaboration will look like.
All projects and many more are now prepared in ten different working groups. The second TTC summit is due to take place in Brussels in the spring.
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