Strong business presence during the fourth Trade and Technology Council (TTC)

Established nearly two years ago, the TTC serves as a crucial platform for transatlantic economic collaboration. It aims to foster shared visions and drive co-operation on global challenges and opportunities, including digital and green transitions. By identifying and addressing common risks and trade barriers, the collaboration seeks to facilitate transatlantic economic ties.

The TTC was co-chaired by European Commission Executive Vice President Margrethe Vestager, Executive Vice President Valdis Dombrovskis, Commissioner Thierry Breton, US Secretary of State Antony Blinken, US Secretary of Commerce Gina Raimondo, and US Trade Representative Katherine Tai. The meeting was hosted by the Swedish Presidency of the Council of the EU. From the Swedish government Foreign Minister Tobias Billström, Minister for International Development Co-operation and Trade Johan Forssell, and Minister for Energy and Business Ebba Busch participated.

Business representatives and stakeholders from the US, Europe, and Sweden were also present. The Confederation of Swedish Enterprise, through chairman Jacob Wallenberg, hosted a dinner to which 200 politicians, officials, business leaders, and other stakeholders from the US, EU, and Sweden were invited. Swedish Prime Minister Ulf Kristersson gave a speech during the dinner. Swedish Enterprise also organised a Business Exhibition featuring nine Swedish companies at the forefront of the green transition, which were visited by ministers, commissioners, officials, and other stakeholders. Swedish Enterprise also participated in a discussion on the role of social partners in the green and digital transitions.

Strengthening the trade relationship between the US and the EU is a high priority for the Swedish business community. In the absence of a Free Trade Agreement between the EU and the US, the TTC is the most important platform for transatlantic economic cooperation. It is therefore of utmost importance that the EU and the US deliver results that reduce the regulatory burden and facilitate trade. From the side of business, we would like to see more significant results on the trade side – market access and trade liberalisation are high on the wish list. However, there are some results from the meeting in Luleå that have the potential to further facilitate trade and investment between the EU and the US. Swedish Enterprise therefore welcomes that:

• The partners committed to developing a transatlantic roadmap for research and development of 6G technology. This undertaking aims to strengthen co-operation in the digital sphere and drive technological advances.
• The TTC partners reaffirmed their commitment to advancing AI innovation. They agreed to initiate three expert groups dedicated to terminologies, principles, standards, and new risks associated with AI.
• The EU and the US agreed to establish a shared vision for a standard charging system for heavy-duty electric vehicles. This recognition of a common standard signals progress in harmonising infrastructure and promoting widespread adoption.
• The partners expanded the scope of the Mutual Recognition Agreements for good manufacturing practices in the pharmaceutical sector, by including veterinary medicines. Additionally, they updated the EU-US Mutual Recognition Agreement on Marine Equipment.
• The EU and the US committed to facilitating conformity assessments in various sectors, such as machinery. Today, it is common for a product to be tested and certified twice according to different procedures in the EU and the US, even if the objective of the tests is the same.
• The partners will continue co-operation and dialogue on sanctions, export controls and export restrictions, as well as foreign investment screening.
• The partners outlined a comprehensive work program for Transatlantic Initiative on Sustainable Trade, with a primary focus on establishing a transatlantic green marketplace. The programme includes identifying opportunities for common standards and facilitating conformity assessment.
• The EU and the US pledged to enhance dialogue and collaboration on various incentive and support programmes, as part of the Clean Energy Incentives programmes.
• The EU and the US reaffirmed their determination to continue working towards modernising global trade rules. This includes seeking solutions to reform the World Trade Organization (WTO) and contributing to the preparations for the upcoming 13th WTO Ministerial Conference.