By Foo Yun Chee

BRUSSELS (Reuters) – The U.S.-EU Trade and Technology Council (TTC) will give Europe more clout and set standards and rules for the 21st century, the EU’s trade and digital chiefs said, underscoring global concerns about China’s growing power.

These comments were made by Margrethe Vestager and Valdis Dombrovskis ahead of Wednesday’s first TTC meeting. They also come as Europe and the United States face off against China in areas such as trade, defence and technology.

The new platform has a real strategic and political importance as it sets standards and rules in the 21st century. Dombrovskis explained to reporters that we require the Council in order to increase our status.

Dombrovskis said, however, the platform wasn’t targeted at any country.

He stated that TTC was not about any particular third-country, but about cooperating and coordination in a variety of areas between the United States (US) and the EU.

These 10 groups, which include the Council’s technology standards, green tech, supply-chain security and data governance, as well as global trade issues. They will also be responsible for export controls, investment screening, international trade issues, and technology control.

Vestager stated that all these issues are crucial for the EU.

She said that the package she had achieved covers both defensive and offensive interests.

Dombrovskis stressed that France’s fury over Australia’s withdrawal from a deal to build a sub-sea vessel with the United States of America and Britain was not a reason for the EU to abandon its long-term goals.

He said, “We are allies and partners, and while friends may make mistakes from time-to-time, we have witnessed this in the past weeks. But we know this should not affect our judgement on strategic alliances.”

With Vestager and Dombrovskis, the U.S. Secretary Of State Antony Blinken will co-chair the meeting.

EU plans to host a second meeting in Belgium next spring.