The production of more computer chips in Europe and the United States will be one of the key points of a new technological alliance between the two.
The trade and Technology Council (TTC) was announced following discussions between European Commissioner Margrethe Vestager and US President Joe Biden.
The group will also seek to establish common standards for new technologies, such as artificial intelligence.
Both sides are concerned about China’s rise as a technological superpower.
A statement on the summit includes a commitment to build ” an EU-US partnership on rebalancing global semiconductor supply chains.”
The pandemic has led to global chip shortages and exposed weaknesses in supply chains, causing shortages of consumer electronics, such as game consoles, as well as slowing automotive production.
Last month, IBM President Jim Whitehurst said the shortage could last another two years.
The EU wants to increase its global chip production market share from 10% to 20% and has pledged billion 150 billion (£100 billion) for the effort.
Meanwhile, the United States has allocated 5 52 billion for domestic chip production. The TTC will also include working groups on:
the internet of things
security of information and communication technologies
In addition to examining cooperation and standards, the panels will also assess “the misuse of technology that threatens security and Human Rights.”