There are difficult days due to the shortage of chip supply, which has an effect all over the world. For this reason, the EU and the USA decided to join forces.
The Trade and Technology Council (TTC) was officially announced after talks between European Commissioner Margrethe Vestager and US President Joe Biden. One of the key points of the alliance between the two great powers will be to produce more computer chips in Europe and America.
One target of the chip supply agreement is China.
The alliance also aims to be a pioneer in setting common standards for new technologies such as artificial intelligence. Both sides are deeply concerned about China’s current rise as a tech superpower.
The statement made at the summit also mentioned the commitment to establish a US-EU partnership on rebalancing global supply chains in semiconductors. On the other hand, TTC will also enable the establishment of working groups on certain issues. Among these groups are:
Items such as artificial intelligence, climate, green technology, information and communication technology security will be discussed. In addition to looking at collaboration and standards, groups will also be able to address the issue of technology abuse that threatens security and human rights.
Last month, IBM’s President Jim Whitehurst raised concerns by saying the famine could continue for another two years. The EU wants to split its share of the global chip manufacturing market from 10 percent to 20 percent. The Association promised to invest $150 billion in this effort. The USA has also sacrificed 52 billion dollars for domestic chip production.
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