Beyond the Trade and Technology Council: National security concerns are changing how policymakers view the global economy. EPC Commentary 13/10/2021.

Mollet, Frederico (2021) Beyond the Trade and Technology Council: National security concerns are changing how policymakers view the global economy. EPC Commentary 13/10/2021. [Policy Paper]

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Abstract

The policymakers overseeing globalisation are facing a new range of national security and resilience pressures that are fundamentally reshaping how they interact with a globalised private sector. The inaugural meeting of the EU–US Trade and Technology Council (TTC) on 28 September was marked by transatlantic drama over AUKUS, the trilateral defence partnership between Australia, the UK and the US. But its first communique met more muted reactions, as it is long on areas for discussion and future cooperation and short on concrete deliverables. Whether its working groups deliver on its promise of reinvigorated transatlantic relationship or follow the ignominious fate of the Transatlantic Economic Council (TEC) will become clearer at its next meeting. However, in its language and topics of focus, the TTC is illustrative of a broader shift in the relationship between most governments and the global economic system, driven by the combined impact of COVID-19, the rise of great power competition and renewed domestic turn towards industrial policy.

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