The International Trade Council is pleased to acknowledge the ongoing efforts between the United States and the European Union to align on key issues of trade and technology. In a recent meeting of the bilateral Trade and Technology Council (TTC) near Washington DC, representatives from the two largest economies in the world reiterated their commitment to fostering stronger economic ties.
Despite the complex nature of the discussions, progress was made towards resolving concerns related to substantial subsidies for American companies under a US clean energy law, contained in the US Inflation Reduction Act. Although a conclusive deal was not reached during the TTC meeting, the US and EU affirmed their commitment to finding mutually beneficial solutions that promote sustainable economic growth.
The TTC meeting culminated in a joint statement by the US and EU, asserting their dedication to constructive discourse surrounding the EU's concerns. The statement emphasized the critical role of the TTC in supporting a mutually beneficial green transition, maintaining robust, secure, and diverse supply chains that serve businesses, workers, and consumers on both sides of the Atlantic.
The International Trade Council commends this ongoing dialogue and the willingness of both parties to address potential impediments to a fair and equitable trading environment. US Secretary of State Antony Blinken, along with other meeting co-chairs, expressed optimism about the continued momentum of these crucial discussions.
EU Commissioner Margrethe Vestager also reflected positively on the discussions, emphasizing the critical importance of open dialogue and feedback within the framework of the TTC.
The International Trade Council encourages and applauds these ongoing discussions. We remain committed to supporting international cooperation on trade and technology that drives global economic stability and prosperity.
