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EU, US launch trade, technology council to outcompete China
- A joint EU-US statement says the council would focus on removing trade barriers, setting global standards and promoting joint innovation in key technologies
- ‘We commit to building an EU-US partnership on the rebalancing of global supply chains in semiconductors,’ statement reads
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The European Union and United States launched a trade and technology council that seeks to “write the rules of the road” on the global economy, in the face of growing competition from China.
It was the latest salvo against Beijing on US President Joe Biden’s whistle-stop European tour, which had seen him succeed in rallying support among the G7, Nato and now EU for a much-vaunted transatlantic coalition to face down China’s rising influence.
A joint EU-US statement said the council would focus on removing trade barriers, setting global standards and promoting joint innovation in key technologies.
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“Cooperation within the [council] will also feed into coordination in multilateral bodies and wider efforts with like-minded partners, with the aim of promoting a democratic model of digital governance,” it read.
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“Notably, we commit to building an EU-US partnership on the rebalancing of global supply chains in semiconductors with a view to enhancing EU and US respective security of supply as well as capacity to design and produce the most powerful and resource efficient semiconductors,” it added.
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