Mon. Jan 30th, 2023

WASHINGTON, DC (January 3, 2022) – The Trans-Atlantic Business Council (TABC) has issued a new position paper detailing next step recommendations for the newly formed Trade and Technology Council (TTC) following the success of its inaugural meeting in Pittsburgh.

The TABC, the only membership organization to represent businesses on both sides of the Atlantic, strongly supports the TTC, the priorities agreed upon during its inaugural meeting and the new impetus from Washington that has driven much of the resurgence in trans-Atlantic dialogue throughout 2021. Building on the TABC’s initial recommendations to U.S. and EU officials regarding the formation of the TTC, the organization’s new position paper outlines recommendations for the Council to develop policies that progress a shared vision of technological prosperity and opportunities for the trans-Atlantic business community to engage in ongoing dialogue.

The Honorable Bart Gordon, TABC Director-U.S. and former U.S. Congressman, said, “Despite the trans-Atlantic relationship facing several obstacles of late, including the rising threats of isolationism and protectionist measures, the past year has shone a light on just how strong and resilient our economies can be if we work together to forge a stronger, pro-business trans-Atlantic trade agenda. As the world’s largest trading partnership, generating $6.2 trillion in total commercial sales a year and employing up to 16 million workers in mutually ‘onshore‘ jobs, the U.S. and EU must progress dialogue and develop common approaches to the economic and trade issues that matter most to our nations in the new year and beyond.”

Giovanni Campi, TABC Director-Europe, added, “As U.S. and EU leaders begin to rekindle the trans-Atlantic relationship, the expertise of the business community must be included in policy dialogue. As we reflect on progress made this past year and look ahead to the new year, we have a unique opportunity to rebuild and promote trans-Atlantic relations and economic integration, particularly through the TTC. The TABC stands ready to not just offer recommendations as we have in our latest position paper but actively engage in developing solutions.”

To progress policy favorable to trans-Atlantic consumers and businesses alike, the TABC’s new position paper proposes the following recommendations to the TTC:

  • Work towards the establishment of international technology standards to foster harmonization of technical requirements as emerging technologies such as AI, IoT, and cybersecurity continues to impact business.
  • Ensure equal trans-Atlantic access to public procurement markets for emerging technologies, and, in particular, promote international standardization in robotics, where European regulation might serve as a good basis, and cooperation on safety-related standards for mobile robotics.
  • Encourage a human-centered, responsible attitude to creating trustworthy and innovative AI, by ensuring interoperability, developing common principles, and adopting a shared approach to managing AI-related risks.
  • Foster mutual cooperation between the U.S. and EU in areas such as online platform regulation, cloud infrastructure, and services to balance between legal clarity on rules and responsibilities and ensure a level playing field with an appropriate degree of flexibility.
  • Advocate for a new EU-U.S. data transfer agreement to eliminate uncertainty and improve data privacy and security and cybersecurity resilience.
  • Develop initiatives to enhance the digital skills of small and mid-size enterprises and empower them through increased access to digital tools, which in turn will increase their participation in trans-Atlantic and global trade.
  • Study the trade and technology impediments holding small businesses back from trading more actively and develop tangible goals to increase the number of small business exporters in the U.S. and EU.
  • Strengthen and increase the resilience of trans-Atlantic supply chains, particularly in semiconductors, and seek input from third-party experts, such as the TABC or European Industrial Alliance on Processors and Semiconductors, to identify common vulnerability and dependencies to create more capacity on both sides of the Atlantic.
  • Promote public procurement access to open market access and create a robust and resilient semiconductor ecosystem.
  • Focus on investment in research and development by bringing together public-private funding to simultaneously expand and strengthen US-EU supply chains while still preserving core principles and values.
  • Support the investment of screening mechanisms to ensure commerce on both sides of the Atlantic is protected from unfair foreign investments or those that could potentially pose a national security threat.

The Trans-Atlantic Business Council (TABC) is a cross-sectorial business association representing companies headquartered in the EU and U.S. that serves as the main business interlocutor to both the U.S. government and the EU institutions on issues impacting the transatlantic economy. TABC’s purpose is to promote transatlantic relations and economic integration, strengthen political and economic ties between the United States and the European Union and provide a platform for companies established in the EU and U.S. to develop common positions regarding relevant political and economic issues.

Source – TABC

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