The European Commission circulated to EU Member States, on Tuesday 23 May, a draft of the joint statement to be adopted at the fourth EU-US Trade and Technology Council on Tuesday 30 and Wednesday 31 May (see EUROPE 13077/11). The subjects of export restrictions, investment screening and economic coercion, which are dear to Washington, take up a lot of space in this document, a copy of which was given to EUROPE.
However, the Member States’ ambassadors to the EU (Coreper) expressed, on Wednesday 24 May, doubts about the language used on these issues.
The declaration envisages the outcome of the TTC meeting, which will be held in Luleå, Sweden. These will reportedly be divided into six parts relating to emerging technologies, sustainability, economic security, digital infrastructure and human rights.
The third part deals extensively with export controls, investment screening including outbound investments from the EU, as well as ways to deal with economic coercion and uncompetitive practices of certain third countries.
On these various subjects, both parties reiterate above all their concerns and their desire to coordinate their respective approaches. They also “remain committed to enhance cooperation on these matters in any relevant fora, including the G7 and the WTO”.
The United States is preparing to issue an executive order to restrict certain outbound investments in sensitive technologies and is keen to bring as many partners on board as possible.
Sustainable Trade Initiative
In a work programme annexed to the declaration, the EU and US detail the work of the Transatlantic Sustainable Trade Initiative, which should, among other things, “facilitate trade and investment in products that support the green transition”.
Importantly for the EU, the initiative will ensure that possible government incentives “are transparent and fair”.
The Commission is expected to propose a revised version of the declaration in order to find language acceptable to Washington and the 27 member countries.
To see the document: https://aeur.eu/f/71l (Original version in French by Léa Marchal)