BLUF

Working together on technology innovation could give democracies an edge over potential rivals.

Summary

President Biden’s emphasis on rebuilding relations with key allies could provide the opportunity to:
  • Create lasting, mutually beneficial alliances.
  • Drive innovation.
  • Protect supply chains.
  • Create jobs in each participating country.
  • Encourage technical development among American allies.
  • Build momentum as countries emerge from COVID-19.
  • Utilise new ideas and rapidly innovate through leveraging technical innovation across all participating countries.
  • Maintain open, innovation-oriented regulatory policies that can help to encourage investment.
  • Create a highly skilled and well-rewarded workforce in alliance member’s countries.
  • Counter intellectual theft.
The G7 meeting in June provides an opportunity to develop an EU-US Trade and Technology Council. This council could eventually include Australia, India, Japan, New Zealand, and South Korea and should be able to focus on the following:
  • Empower cross-border technology innovation.
  • Harmonise technology regimes to preserve and protect free and open markets.
  • Preserve member’s technological edge and rebuild international influence.