“We renewed our engagement with the European Union, a fundamental partner in tackling the full range of significant issues facing our world today.”
– President Joseph R. Biden, September 21, 2021
Secretary Antony J. Blinken is travelling to Pittsburgh, Pennsylvania, September 29-30, where he will co-chair the inaugural meeting of the U.S.-EU Trade and Technology Council (TTC) with Secretary of Commerce Gina Raimondo, United States Trade Representative Katherine Tai, and European Commission Executive Vice Presidents Margrethe Vestager and Valdis Dombrovskis. They will explore mechanisms to expand and deepen transatlantic trade and investment. They will also discuss ways to update the rules for the 21st century economy to ensure trade and technology policies support broad-based growth in both economies and are consistent with our shared democratic values.
The United States and the European Union (EU) are Close Partners and Allies
- The U.S.-EU relationship is built on a foundation formed by our shared values, including democratic governance, fair competition based on market principles, the rule of law, respect for human rights, and inclusive growth.
- Together, the United States and the EU account for a quarter of global trade and almost half of global GDP. Our deep economic relationship is a tremendous driver of economic prosperity for citizens on both sides.
- U.S.-EU two-way trade in goods and services amounted to $1.1 trillion in 2019.
- As of 2019, the European Union’s direct investment in the United States totaled $2.871 trillion, while U.S. direct investment in the European Union was $3.572 trillion.
- As of 2019, U.S. jobs tied to EU direct investment in the United States totaled 5 million, while 4.9 million EU jobs were tied to U.S. direct investment in the European Union.
The TTC Will Promote Trade and Technology Policies Based on Shared U.S.-EU Democratic Values
- President Biden and European Commission President Ursula von der Leyen announced the U.S.-EU TTC at the U.S.-EU Summit in June 2021.
- The TTC’s ten working groups provide a framework for tackling challenges and advancing work aligned with some of our shared trade and technology priorities such as cooperation on technology standards, global trade challenges and supply chain security, climate and clean technology, ICT security and competitiveness, data governance and technology platforms, the misuse of technology threatening security and human rights, export controls, investment screening, and access to, and use of, digital technologies by small and medium enterprises.
- The goals of the TTC are to promote shared economic growth that benefits workers, the middle class and lower income people, and businesses with a particular focus on opportunities for small and medium-sized enterprises. The TTC will also serve as a vehicle to help fight the climate crisis and protect our businesses, consumers, and workers, and tackle unfair trade practices around the world, in particular those posed by non-market economies.
- The United States and European Union will highlight the importance of engaging with stakeholders to ensure that the government dialogues are informed by the broad perspectives of the U.S. and EU communities.
- The United States and European Union are indispensable partners in addressing global challenges and we must agree to work together to ensure that trade and technology policies are based on our shared democratic values and deliver for all of our citizens.
- The United States looks forward to strengthening cooperation with the European Union, building on the world’s largest economic relationship to develop policies that support broad-based, inclusive growth in both economies.