Towards a green transatlantic marketplace
As holder of the Presidency of the Council of the EU, Sweden hosted the fourth meeting of the EU-US Trade and Technology Council (TTC) in Luleå on 30–31 May. Luleå, located in Sweden’s Arctic region, was selected as the venue to showcase Swedish solutions for the green and industrial transitions.
“These two days in Luleå have shown how important the TTC is to transatlantic cooperation. The prevailing security situation underscores the importance of joint solutions that pave the way for the green and digital transitions and strengthen our friendship. If we can create common standards and solutions for AI, 6G and green technologies, we will lay the foundations for increased trade, enhanced competitiveness and more green jobs on both sides of the Atlantic. Challenges are best solved when we act together,” says Swedish Deputy Prime Minister and Minister for Energy, Business and Industry Ebba Busch.
The programme included a site visit to the Hydrogen Breakthrough Ironmaking Technology (HYBRIT) plant outside of Luleå, a project aimed at revolutionising the iron and steel industries by producing fossil-free steel.
Other parts of the programme included a CEO-level discussion on global connectivity infrastructure and transatlantic collaboration for the development of 6G, as well as a discussion on the role of social dialogue in accelerating the green and digital transitions.
“The TTC is the most important forum for promoting EU-US trade relations. EU competitiveness is stimulated and strengthened by joint strategies and standards for the green and digital transitions, and developing technologies in AI, cybersecurity and 5G/6G,” says Swedish Minister for International Development Cooperation and Foreign Trade Johan Forssell.
The programme concluded with a stakeholder dialogue on AI and the green transition, with participation from the business community and civil society.
“Sweden is a strong proponent of transatlantic cooperation. The US is an indispensable partner for Sweden and Europe, and a key actor for Europe’s economy and prosperity, and its safety, security and defence – not least in light of the current security environment,” says Swedish Minister for Foreign Affairs Tobias Billström.
This is the TTC
The EU-US Trade and Technology Council (TTC) was established in June 2021 and is the main forum for the EU and US to coordinate approaches to key global trade, economic and technology issues. Ministerial meetings have previously been held in Pittsburgh, Paris and Washington DC.
The fourth TTC ministerial meeting
At the fourth TTC ministerial meeting in Luleå, the co-chairs were US Secretary of State Antony J. Blinken, US Trade Representative Katherine Tai, US Secretary of Commerce Gina M. Raimondo, Executive Vice-President and EU Trade Commissioner Valdis Dombrovskis and Executive Vice-President and Competition Commissioner Margrethe Vestager.
They were hosted by Mr Forssell, Mr Billström and Ms Busch.
At the meeting, the EU and US agreed on:
- a common roadmap for the development and research of 6G;
- strengthened cooperation on trade and investments in the area of new technologies (AI, semiconductors); and
- a roadmap to accelerate the green transition through promoting trade in green goods and services – the Transatlantic Initiative on Sustainable Trade (TIST).