Investing.com - In a recent meeting held in Lulea, Sweden, high-ranking officials from the United States and European Union convened to discuss key topics such as collaboration on future technology like artificial intelligence (AI), managing relations with China, addressing lingering trade disputes from the Trump administration, and fostering green trade. The two-day event marked the fourth ministerial gathering of the Trade and Technology Council (TTC).
Among those present at this important summit were US Secretary of State Antony Blinken, European Commission Vice President Margrethe Vestager, US Commerce Secretary Gina Raimondo, Trade Representative Katherine Tai, along with Valdis Dombrovskis who serves as both vice president of the European Commission and its chief trade representative.
The extensive agenda covered a wide range of subjects including establishing minimum standards for AI algorithms such as ChatGPT; implementing export controls; improving investment surveillance mechanisms that have primarily been focused on Russia so far; dealing with concerns related to non-market practices by foreign nations like China; tackling disinformation campaigns originating from abroad.
Although only mentioned twice within their joint statement draft — specifically regarding non-market practices and disinformation — China remained one of the main focal points during these discussions. This comes after heightened tensions between Western leaders at last week's G7 summit which was described by Chinese state media outlet Global Times as an "anti-China workshop".
Additionally taking place alongside these meetings is Europe unveiling its "Economic Security Strategy", anticipated to include measures aimed at preventing competitors like China from gaining access to sensitive technologies.
One major topic addressed was how best to promote green trade initiatives without having a formal free-trade agreement between the EU and US. Despite lacking such an arrangement currently or planning for one in the future, the EU is eager to collaborate with the US on mutually recognizing products that contribute towards environmental sustainability. However, this lack of a formal agreement has left European producers at a disadvantage when it comes to benefiting from an estimated $369 billion in green subsidies included within America's Inflation Reduction Act.
Other notable agenda items discussed during these meetings involved seeking progress between the two regions on securing access to critical minerals needed for electric vehicle production and working towards establishing "green steel" agreements aimed at addressing overcapacity issues. Such arrangements are crucial for preventing potential reinstatement of controversial steel and aluminum tariffs initially introduced by former President Donald Trump but temporarily suspended after he left office in 2021.