The European Union and the United States have held the fourth ministerial meeting of the EU-US Trade and Technology Council (TTC) in Luleå, Sweden. The EU and the US remain key geopolitical and trading partners. The EU-US bilateral trade is at historical highs, with over €1.55 trillion in 2022, including over €100 billion of digital trade.

According to the European Commision, on the occasion of the ministerial meeting, the EU and the US agreed on a list of key outcomes to advance transatlantic cooperation on emerging technologies, sustainable trade, economic security and prosperity, secure connectivity and human rights in the digital environment. Both parties also reaffirmed their unwavering commitment to support Ukraine.

On the one hand, the EU and the US are advancing their work in the area of e-mobility. They agreed on a common international standard on megawatt charging systems for the recharging of electric heavy-duty vehicles. This will facilitate transatlantic trade and investment by reducing the manufacturing and deployment costs. They also developed recommendations for the government-funded implementation of e-vehicle charging infrastructure.

On the other hand, the EU and US are working to grow their €1.5 billion worth of bilateral trade further by making it easier to trade and they have taken steps to facilitate trade in key sectors. As part of their commitment to greener and fairer trade, the EU and US have agreed on a work programme for the Transatlantic Initiative on Sustainable Trade. This will lead to closer cooperation on jointly advancing the green transition. The newly-launched Clean Energy Incentives Dialogue will help ensure that EU and US incentive programs for a clean economy are mutually reinforcing.

The EU and US continue their work on challenges impacting their security. This includes aligning their respective regulations related to export restrictions on sensitive items to Russia and Belarus. They continue to coordinate adjustments to control lists, discuss emerging technologies, and cooperate to ensure the non-proliferation of weapons of mass destruction.

The TTC reiterated the importance of robust foreign investment screening to address specific national security risks, and of coordination to diversify our supply chains, to address non-market policies and practices as well as economic coercion.

The EU and US continue to advocate for digital solutions to make trade easier and to promote the digital trade principles agreed in G7.

The meting was co-chaired by European Commission Executive Vice-President Margrethe Vestager, European Commission Executive Vice-President Valdis Dombrovskis, United States Secretary of State Antony Blinken, United States Secretary of Commerce Gina Raimondo, and United States Trade Representative Katherine Tai, joined by European Commissioner Thierry Breton, and hosted by the Swedish Presidency of the Council of the European Union.