US and EU to Reveal Joint Initiative to Set New Trade Standards

The US and Europe are set to reveal a new joint initiative for technology and trade as part of the efforts of US President Biden to unite all European allies and challenge the increased influence of China in the world, CNBC informed.

The initiative called US-EU Trade and Technology Council is set to contain three goals: setting new trade standards globally for all the future technology, promoting democratic values and standards online, and finding ways for the US and EU to work together in the research and development of cutting-edge technologies.

Jake Sullivan, the national security advisor said that the final result is allowing democracies to set the rules for trade and technology in the 21st century, rather then letting China or any other autocracies to set them.

The council on the side of United States, will be headed by Antony Blinken, Secretary of State, Gina Raimondo, Commerce Secretary and Katherine Tai, US trade representative, according to an official from the Biden administration who talked to journalists, but requested anonymity.

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