WSJ News Exclusive | U.S., EU Forge Closer Ties on Emerging Technologies to Counter Russia and China

A global chip shortage is affecting how quickly we can drive a car off the lot or buy a new laptop. WSJ visits a fabrication plant in Singapore to see the complex process of chip making and how one manufacturer is trying to overcome the shortage. Photo: Edwin Cheng for The Wall Street Journal

BRUSSELS—The U.S. and European Union plan to cooperate more on technology regulation, industrial development and bilateral trade following President Biden’s visit, in a bid to help Western allies better compete with China and Russia on developing and protecting critical and emerging technologies.

Central to the increased coordination will be a new high-level Trade and Technology Council the two sides unveiled Tuesday. The aim of the TTC is to boost innovation and investment within and between the two allied economies, strengthen supply chains and avert unnecessary obstacles to trade, among other tasks.

“You see the possibility for alignment,” said European Commission Executive Vice President Margrethe Vestager in an interview.

In a sign of both sides’ aspirations for the council, it will be co-chaired on the U.S. side by Secretary of State Antony Blinken, Commerce Secretary Gina Raimondo and U.S. Trade Representative Katherine Tai. The EU side will be co-chaired the Ms. Vestager, the bloc’s top competition and digital-policy official, and fellow Executive Vice President Valdis Dombrovskis, who handles trade.

As the EU’s top antitrust enforcer, Ms. Vestager has gained prominence for her cases against U.S. tech giants including Apple Inc., Google parent Alphabet Inc. and Facebook Inc. Former presidents Barack Obama and Donald Trump both said her policies unfairly targeted American companies.