Washington – Business Roundtable (BRT) and the European Round Table for Industry (ERT) today issued the following statement supporting the launch of the U.S.-EU Trade and Technology Council.
ERT and BRT welcome yesterday’s announcement of an agreement to address the Boeing-Airbus dispute and suspend tariffs. We urge both governments to continue cooperation through the large civil aviation working group and meet their commitments. Both organizations also welcome the establishment of this new Council, which can provide a key platform for transatlantic collaboration on trade and technology. We urge leaders on both sides of the Atlantic to harness the Council to address long-standing challenges, tackle emerging issues, and align efforts to set the rules of trade and technology. We also urge both sides to focus on near-term outcomes to help accelerate economic and jobs recovery and long-term, sustained coordination to tackle global challenges.
Trade and Investment
“We strongly support this dedicated platform to resolve issues and cooperate on key trade issues critical to the green and digital transitions, enhancing bilateral trade and regulatory cooperation, and modernising and revitalising the WTO,” said Jacob Wallenberg, Chair of the Board of Investor AB and Chair of the ERT Trade & Market Access Committee. “We urge our governments to be both ambitious and flexible to draw on our common values and goals to resolve bilateral differences and shape global trade and investment.”
“The importance of the U.S.-EU trade and investment relationship cannot be overstated, and working together can support jobs, spur growth and help modernize the international rules-based trading system,” said Lance Fritz, Chairman, President & CEO of Union Pacific and Chair of the Business Roundtable Trade and International Committee. “We welcome the Council’s focus on tackling long-standing trade challenges as well as embracing a forward-looking agenda.”
Technology and Data
“The global economy is a digital economy, so it is imperative that the United States and European Union work together to find mutually beneficial approaches to data and emerging technologies,” said Julie Sweet, CEO of Accenture and Chair of the Business Roundtable Technology Committee. “The Council should facilitate greater transatlantic coordination on international technology standards that support the global nature of our operations and adhere to our shared values, particularly around developing governance for AI that fosters innovative, equitable, trustworthy and human-centric applications.”
“Companies doing business as well as people going about their daily lives all rely on international data flows. We need a sustainable agreement for the transfer of personal data to replace the Privacy Shield,” said Martin Lundstedt, President and CEO of the Volvo Group and Chair of the ERT Digital Transformation Committee. “Through the Council both parties can work together to build business confidence, increase investment and provide predictability to support job creation and growth.”
As associations of business leaders from Europe and the United States, BRT and ERT will partner with both governments and the Trade and Technology Council to strengthen the vital transatlantic economic relationship.