Due to last year’s COVID-19 pandemic outbreak, global chip shortages went on the rise exposing summary weaknesses in the supply chains, in the process causing high shortages of consumer electronics, like gaming consoles. This shortage, sadly also slowed down the effective production of cars.
IBM President, Jim Whitehurst had last month in a Press Conference expressed a fear that this shortage could go on for another two years!
The Trade and Technology Council (TTC) recently unveiled ongoing talks between European commissioner Margrethe Vestager and US President Joe Biden with both parties showing concerns with the sudden rise of China as a technology superpower.
In the summit, had a pledge to build “an EU-US partnership on the rebalancing of global supply chains in semiconductors”.
Reports have it that the United States has allocated $52bn to enhance the manufacturing of the domestic chip.
The TTC will also organise a working groups on:
(2) The internet of things
(4) Green Technology
Information and Communications Technology And Security
There was an agreement between the two countries to manufacture more computer chips in their countries which will be one of the key focuses of a new technological alliance between the two countries.
They also planned to set common standards for the emergence of new technologies such as artificial intelligence.
The Europen Union (EU), has on its own set aside a huge 10% to 20% bond, while also promising $150bn (£100bn) towards the project. It also wants to increase its share of the global chip-manufacturing market.
The US and EU are looking at other room of cooperation and standards; they will both also assess the incessant “misuse of technology threatening security and human rights”.
We hope this partnership will herald a new innovative Tech development.