Previous Year Question
Consider the following statements:
Statement-I: Recently, the United States of America (USA) and the European Union (EU) have launched the Trade and Technology Council.
Statement-II: The USA and the EU claim that through this they are trying to bring technological progress and physical productivity under their control.
Which one of the following is correct in respect of the above statements?
Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I
Statement-I is correct but Statement-II is incorrect
Statement-I is incorrect but Statement-II is correct
Correct Answer: C
Detailed Solution
Statement I is correct.
The United States and the European Union announced the establishment of the Trade and Technology Council—TTC at the EU-US Summit held in June 2021. Its first ministerial meeting was held in Pittsburgh, United States, in September 2021.
The TTC is neither a supranational regulatory authority nor an institution intended to control the two economies. It is a high-level transatlantic forum for coordinating US and EU policies on trade and technology.
Its principal areas of cooperation include:
cooperation on common standards for emerging technologies;
development of safe and trustworthy Artificial Intelligence;
strengthening semiconductor and other critical supply chains;
cooperation on export controls and investment screening;
addressing non-market economic policies and unfair trade practices;
cooperation concerning digital platforms, data governance and cybersecurity;
promotion of clean technologies and the green economy.
Statement II is incorrect. The stated objective of the TTC is not to bring technological progress or physical productivity under US-EU control. Its purpose is to coordinate trade and technology policies, cooperate on standards and improve supply-chain resilience on the basis of shared democratic values.