Consider the following statements:

Statement-I : Recently, the United States of America (USA) and the European Union (EU) have launched the ‘Trade and Technology Council’.
Statement-II :
The USA and the EU claim that through this they are trying to bring technological progress and physical productivity under their control. 

Which one of the following is correct in respect of the above statements? 

(a) Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I 

(b) Both Statement-1 and Statement-II are correct and Statement-II is not the correct explanation for Statement-I

(c) Statement-1 is correct but Statement-II is incorrect

(d) Statement-I is incorrect Statement-II but is correct

Explanation:

  • The United States of America (USA) and the European Union (EU) have launched the ‘Trade and Technology Council’
  • The TTC serves as a forum for the United States and European Union to coordinate approaches to key global trade, economic, and technology issues and to deepen transatlantic trade and economic relations based on shared values
  • The TTC was established during the EU-US Summit on June 15, 2021, in Brussels
  • The USA and the EU claim that through this council, they are trying to bring technological progress and physical productivity under their control
  • The TTC is a key mechanism to support enhancing transatlantic trade and increasing the use of digital tools
  • The TTC agreed on five key areas of cooperation: technology standards, supply chain resilience, export controls cooperation, investment screening cooperation, and promoting SME access to and use of digital technologies
  • Therefore, both Statement-I and Statement-II are correct, but Statement-II is not the correct explanation for Statement-I
  • The TTC is not about bringing technological progress and physical productivity under their control, but rather about coordinating approaches to key global trade, economic, and technology issues and deepening transatlantic trade and economic relations based on shared values.
Inputs from IAS EXPRESS Current Affairs Notes

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