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 begin technological progress and physical productivity under their control.
Which one of the following is correct in respect of the above statement?
* Statement 1 is correct: Trade and Technology Council was launched by the the United States of America and the European Union during the EU-US Summit on 15 June 2021 in Brussels. * Statement 2 is incorrect: Trade and Technology council, the USA and EU does not aim to bring technological progress and physical productivity under their control. Rather the initiative intends to promote pooling of digital resources such as AI models and computing power, and make them available to partner countries to address challenges in areas such as climate change and extreme weather, healthcare or smart agriculture.