US-EU Trade and Technology Council: 3 Priorities for a More Resilient Future

The U.S.-EU Trade and Technology Council (TTC) aims to promote U.S. and EU competitiveness and prosperity through transatlantic trade and investments in emerging technologies. Transatlantic cooperation and resilience have always been highly important, but given the pandemic and other geopolitical and economic challenges, it’s become even more crucial.

During the U.S. Chamber’s event, American & Nordic Business Perspectives on the U.S.-EU Trade and Technology Council, American and Nordic business professionals gathered to share their perspectives on supply chain security, digital connectivity and emerging technologies, and ambassadors’ priorities for transatlantic cooperation.

The US and EU Must Use Their Influence to Support a More Resilient Supply Chain System

The U.S. and EU are powerful entities that must factor their influence into each decision they make.

“I think for the U.S. and EU … it is particularly critical that the policy choices that are made are thoughtful and that they are a good practice for the world,” said Elissa Alben, Vice President and Head of Global Trade Policy and International Government Relations at Pfizer. “If there's one thing that I have seen, it's that the U.S. and the EU are looked to as a model for other countries.”

Since both the U.S. and EU hold significant influence, any resiliency models they adopt or decisions will likely encourage other countries to follow suit with their own political dynamics. This can be a beneficial dynamic if executed the right way.

“I think that … what we're seeing across the world is very similar, but I think the U.S. you have a real opportunity to lead and to provide a strong framework that … creates the right incentives for a truly resilient supply chain system,” said Alben.

She added this is “not just a patchwork of localization,” or “forced localization models that actually tend to fracture and disrupt supply,” rather it’s a more resilient and long-term framework.

The US and EU Must Increase Transatlantic Research Cooperation

Furthering emerging technologies and digital connectivity is a top priority in transatlantic cooperation.

“While regulatory cooperation is certainly important, leadership through that cooperation alone can't be achieved,” said Jared Carlson, VP of Government Affairs and Public Policy at Ericsson. “We really see a need for increased transatlantic research cooperation.”

He added this isn’t just for the subsidies, but to support the development of important products and tech.

“We actually want to see fundamental research cooperation signaling the willingness to make commitments to a stronger transatlantic relationship,” he continued. “We’d love to see the TTC ensure joint technology leadership, specifically with 6G as one of the focus areas.”

“We do see that standardization for a future for 6G and other future communications technologies adheres to some common guiding principles — in particular the World Trade Organization’s (WTO) Technical Barriers to Trade (TBT),” he added.

Carlson stressed the importance of WTO TBT principles as part of the standards environment, which will help promote growth, jobs, and research between the U.S. and EU.

Governments Must Support Green Transition for Businesses

Creating a "green transition" is a common goal for businesses around the world.

“I think green transition … is very important, both for big companies, but not the least for small and medium companies,” said Ingrid Ask, Deputy Chief of Mission, Embassy of Sweden to the U.S.

Many small companies set high standards for entrepreneurship for the green transition, making great contributions to a more sustainable future. However, governments must create incentives, as well as rules and regulations, to encourage these companies to take the risk and to assist them as they enter the market.

“It’s an economic benefit; it will make us globally competitive, both from the Swedish and European and the U.S. side, which is tremendously important now,” said Ask. “But perhaps most importantly … it will lead to a better world and the climate that we can bring forward to our children and grandchildren.”