Through closer cooperation, the European Union and the United States want to avoid a race for state subsidies for the production of microchips. The two world economic powers’ announcements that they would mobilize tens of billions for semiconductor manufacturing in the coming years had raised fears that the countries could continue to outbid each other in the battle to attract companies and get taxpayers’ money. to waste.
The partners now want to know the purpose, form and amount of the planned grants, as long as it is not confidential information, as announced on Monday. In addition, there will be an early warning system to identify the dangers of a semiconductor shortage and subsidy race. Exactly what this looks like is not stated in the joint statement at the second meeting of the new European-American Trade and Technology Council in Paris. In June 2021, the EU and the US agreed to establish the Council.
A first meeting at the end of September was overshadowed by the fact that Washington had previously signed a new security pact for the Indo-Pacific region with Britain and Australia behind the EU’s back. Now – more than six months later – European Commission President Ursula von der Leyen and US President Joe Biden describe the Council as a “pillar of transatlantic cooperation”.
It is important for German companies that trade conflicts are reduced and new conflicts prevented, says Volker Treier, head of foreign trade at the Association of German Chambers of Industry and Commerce of the German Press Office. Certainly in times when there is a tendency to break away from China, better market access to the American market for companies from Germany is urgently needed.
In addition to the production of semiconductors, the EU and the US also want to cooperate more closely in the areas of trade, environment and food safety.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
