Consider the following statements : Statement-I : Recently, the United States of America (USA) and the European Union (EU) have launched the 'Trade and Technology Council'. 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?

Answer: C. Statement-I is correct, but Statement-II is incorrect. Statement-I is CORRECT. The US-EU TRADE AND TECHNOLOGY COUNCIL (TTC) was launched in June 2021 at the US-EU Summit in Brussels. It is a high-level forum to coordinate transatlantic policy on technology standards, secure supply chains, export controls, and digital governance. It is co-chaired by US Secretary of State, Secretary of Commerce, US Trade Representative on the American side and EU Commission Executive Vice-Presidents on the European side. Statement-II is WRONG. The stated objective of the TTC is NOT to bring 'technological progress and physical productivity under their control'. The TTC's actual mission is to coordinate APPROACHES to technology and trade issues, particularly with respect to China, and to address common challenges like AI governance, semiconductor supply chains, and standards. The hyperbolic phrasing in Statement-II distorts the TTC's stated purpose. Source: US Department of State TTC fact sheets / European Commission TTC communications.