Consider the following statements:

1. Statement-I: Recently, the United States of America (USA) and the European Union (EU) have launched the ‘Trade and Technology Council’.
2. 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?

1. Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
2. Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I
3. Statement-I is correct but Statement-II is incorrect
4. Statement-I is incorrect but Statement-II is correct

Explanation

Statement-I is correct

• The EU-US Trade and Technology Council 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 these shared values. It was established during the EU-US Summit on 15 June 2021 in Brussels.

Statement 2 is incorrect

• The focus is not on controlling technological progress and physical productivity but on coordinating approaches regarding these areas.
• Through the Council, the EU and the US are working together to:
  • ensure that trade and technology serve EU-US societies and economies, while upholding EU-US common values
  • strengthen EU-US technological and industrial leadership
  • expand bilateral trade and investment

Answer: (c) Statement-I is correct, but Statement-II is incorrect; Difficulty Level: Easy