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