As part of the EU-US Trade and Technology Council held this week was a little-discussed event that I believe should get more attention. Whereas most of the reporting focussed on A.I. the TTC also held a Transatlantic Initiative for Sustainable Trade (TIST) stakeholder event on "Crafting the Transatlantic Green Marketplace". Participants discussed how to strengthen the transatlantic marketplace as a key factor in the development of sustainable and net-zero economies on both sides of the Atlantic.
The objective of the TIST (launched at the third U.S.-EU TTC Ministerial meeting in December 2022) is to build a structured and long-lasting bilateral engagement to promote a more integrated and resilient transatlantic marketplace that will help accelerate the transition to a climate-neutral and circular economy to the benefit of businesses, workers, and consumers on both sides of the Atlantic.
The TIST stakeholder event included a workshop on the "Promotion of Good Quality jobs for a Successful, Just and Inclusive Green Transition," which focused on labor and business stakeholders exchanging best practices and discussion on ensuring good jobs are outcomes of climate policy and investments. The discussions highlighted the necessity for enhanced collaboration between the public and private sectors, as well as the significance of creating a legal framework that fosters innovation without hindrance and encourages the adoption of emerging technologies. Additionally, there was a focus on reinforcing Transatlantic cooperation regarding standards that advance sustainable procurement and trade, as well as improving communication between businesses and pertinent authorities regarding existing technologies that promote sustainability.
It is vital that these conversations continue as green trade between the EU and the US not only benefits the environment but also supports economic growth, regulatory coherence, global leadership, and supply chain resilience, making it a critical aspect of sustainable development and international cooperation.