On May 30-31, leaders from the EU and the US met onLuleå, Sweden, for the fourth ministerial meeting of the Trade and Technology Council (TTC). American companies in Europe support the wide range of deliverables that were announced, in particular the degree of ambition in the area of sustainable trade.

The promotion of a green transatlantic marketplace through the Transatlantic Initiative on Sustainable Trade is a positive development. Strengthening the resilience of transatlantic supply chains will play a key role in achieving the common objective of tackling climate change. The EU and the US also announced plans related to standardization, including a shared vision on a standard for charging electric heavy-duty vehicles.

The implementation of the Joint Roadmap on Evaluation and Measurement Tools for Trustworthy AI and Risk Management is a step in the right direction, as both sides strive to develop common understandings for emerging technologies. It is important for industry representatives to stand ready to support the EU and the US in the development of a voluntary code of conduct on AI for businesses.

It also continues to be important to address outstanding issues in the transatlantic relationship. The adoption of the EU-US Data Privacy Framework and the negotiation of a Global Arrangement on Sustainable Steel and Aluminium remain critical priorities for the business community. More details on an expected agreement on critical raw materials will also be key for the EU-US partnership in the clean technology space.

The TTC has now become an integral pillar of transatlantic cooperation. Raising the level of ambition is also necessary to ensure its success in the future, in particular, to advance our economic partnership based on free market principles. Engagement from stakeholders as well as structured and regular input will contribute to maintaining the momentum on the issues prioritized in the ministerial. With a difficult geopolitical and economic environment, the EU and the US should continue to lead in fostering global solutions to the world’s largest challenges.

To know more about AmCham EU’s priorities for the TTC, read here.