Detailed Explanation:

Answer: Option 3 — Statement-I is correct but Statement-II is incorrect

The United States and the European Union indeed launched the Trade and Technology Council (TTC) in June 2021 to enhance transatlantic cooperation on trade, economic, and technology issues. However, Statement-II mischaracterizes the objective of the TTC.

✅ Statement-I – Correct: The USA and EU formally launched the Trade and Technology Council at the EU-US Summit in Brussels on June 15, 2021, to coordinate approaches to key global trade, economic, and technology challenges.

❌ Statement-II – Incorrect: The TTC does not aim to bring technological progress and physical productivity "under their control"; rather, it seeks to promote democratic values, coordinate on technology standards, address supply chain vulnerabilities, enhance investment screening, and counter authoritarian uses of technology while maintaining open markets and fair competition.

📝 Short Notes: US-EU Trade and Technology Council (TTC)

• Launch: June 15, 2021, at the EU-US Summit in Brussels
• Objective: Expand and deepen transatlantic trade and investment relationship; coordinate approaches to technology, digital issues, and supply chains
• Key Focus Areas: Technology standards cooperation, secure supply chains, data governance, export controls, investment screening, climate and clean tech, and countering misuse of technology
• Structure: Co-chaired by US Secretary of State and Commerce Secretary on the American side, and European Commission Executive Vice-Presidents on the EU side
• Working Groups: Ten working groups covering areas like AI, semiconductors, data governance, and ICT security
• Strategic Context: Part of renewed transatlantic cooperation to address challenges from China and other non-market economies while promoting democratic values in technology governance