THE US-EU TRADE AND TECHNOLOGY COUNCIL: FEATURES OF COOPERATION

Abstract

Thе present paper focuses on a new form of cooperation built on the basis of coordination of approaches, within the US-EU Trade and Technology Council. TTC was launched by these countries in 2021 to promote their shared prosperity and competitiveness through collaboration in working groups. For these purposes 10 working groups were established on various topics. The TTC appears intent on avoiding tough issues that have stymied trans-Atlantic negotiators in the past. At the inaugural TTC summit, the EU and the US made the commitment to coordinate approaches to key global technology, economic and trade issues and to base policies on shared democratic values. The European Commission and the Biden administration established the TTC as a non-binding instrument. This simplifies negotiations and facilitates an agile approach to addressing common evolving challenges. However, it also means that the scope and applicability of TTC decisions are inherently limited. The US desire to turn the TTC into a geopolitical instrument aimed at China turned out to be incompatible with the reality of the EU. European foreign and security policy continues to be shaped predominantly in EU capitals-not in Brussels. One area of particular concern to both sides is the current global shortage of semiconductors. Parties have completed a joint early warning mechanism in addressing semiconductor supply chain disruptions. They are committed to sharing information on public support given to the semiconductor sector, aiming to avoid subsidy races, maintained a continuous exchange of best practices and also seek to collaborate further by expanding R&D.