The United States and the European Union (EU) on Tuesday formally established a Trade and Technology Council (TTC) to coordinate on critical technology issues such as developing semiconductors, researching emerging fields and securing supply chains.

The TTC was established as part of the U.S.-EU summit held Tuesday in Brussels and is intended to serve as a vehicle to compete with China on emerging technology issues.

The nations committed in the official summit statement to driving “digital transformation that spurs trade and investment, strengthens our technological and industrial leadership, boosts innovation, and protects and promotes critical and emerging technologies and infrastructure.”

“We plan to cooperate on the development and deployment of new technologies based on our shared democratic values, including respect for human rights, and that encourages compatible standards and regulations,” the statement read.